| Pepper price forecast September 20, 2024: The market will continue to face a supply shortage until the crop shortage occurs. Pepper price forecast September 21, 2024: Will the upward trend continue? |
Pepper price forecast on September 22, 2024 increased and decreased in opposite directions. According to data from the General Department of Vietnam Customs, Vietnam's pepper exports in the first half of September 2024 reached 7,278 tons, worth 45.4 million USD, up 1.1% in volume and up 72.4% in value compared to the same period last year.
Accumulated from the beginning of the year to September 15, 2024, pepper exports reached 190,208 tons, worth 923.3 million USD, down 2.5% in volume but up 44% in value over the same period. Indonesia and Brazil are still the two main pepper suppliers to Vietnam with volumes reaching 359 tons and 245 tons, respectively.
In the domestic market, pepper prices today, September 21, 2024, in key regions increased and decreased in opposite directions from 500 - 1,000 VND/kg compared to yesterday and traded around 148,000 - 152,000 VND/kg, the highest purchase price in Dak Lak province was 152,000 VND/kg.
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| Pepper price forecast 9/22/2024: Pepper supply will continue to be limited in the next 3 years |
Accordingly, Dak Lak pepper price is purchased at 152,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 149,000 VND/kg, an increase of 500 VND/kg compared to yesterday. Dak Nong pepper price today is at 150,000 VND/kg, a decrease of 1,000 VND/kg compared to yesterday.
In Binh Phuoc, pepper price today is 149,000 VND/kg, down 1,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is 148,000 VND/kg, down 1,000 VND/kg compared to yesterday.
At world pepper prices, updated world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,715 USD/ton, and the price of Muntok white pepper at 9,305 USD/ton.
The price of Brazilian ASTA 570 black pepper is at 6,900 USD/ton. The price of Malaysian ASTA black pepper is at 8,800 USD/ton; the price of this country's ASTA white pepper is at 11,200 USD/ton.
Vietnam black pepper price is traded at 6,800 USD/ton for 500 g/l; 550 g/l at 7,100 USD/ton; white pepper price at 10,150 USD/ton.
The Vietnam Pepper and Spice Association (VPSA) acknowledged that over the past years, the world pepper market has been in a crisis of oversupply, causing prices to plummet. In Vietnam, there was a time when pepper prices were only 35,000 - 40,000 VND/kg, causing farmers to lose motivation to produce and maintain, so they switched to other crops with higher economic efficiency, most notably durian. The pepper growing area has also plummeted.
If in 2020 there were still over 130,000 hectares, by the end of 2023 there will only be about 120,000 hectares. In addition, the prolonged intense heat caused by the El Nino phenomenon also affects productivity. These factors cause Vietnam's pepper output in 2024 to decrease significantly.
In the world, the inventory of countries is decreasing. That is the reason why pepper prices are increasing again. Due to the sharp decrease in pepper growing area and the economic efficiency is not equal to other crops, the supply of pepper will continue to be limited in the next 3 years.
. *Information is for reference only. Prices may vary depending on time and location.
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