Turned around and increased strongly again, reaching the peak of 139,000 VND/kg

Pepper price today, November 8, 2024, in the Southeast region increased sharply again by 2,500 - 3,500 VND/kg in most key regions, trading around 138,000 - 139,000 VND/kg; the highest purchase price in Dak Nong and Ba Ria - Vung Tau provinces.

Accordingly, Dak Lak pepper price was purchased at 138,500 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,000 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 139,000 VND/kg, a sharp increase of 3,000 VND/kg compared to yesterday.

Pepper price today November 8, 2024: Turning around and increasing strongly again, reaching the peak of 139,000 VND/kg

In the Southeast region, pepper prices today fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 138,000 VND/kg, a sharp increase of 3,000 VND/kg compared to yesterday. In Ba Ria - Vung Tau, it is currently at 139,000 VND/kg, an increase of 3,500 VND/kg compared to yesterday.

Thus, domestic pepper prices today increased sharply in key growing areas. The highest pepper price is at 139,000 VND/kg.

Recently, the domestic pepper market has shown signs of increasing prices higher than actual supply and demand. According to experts, pepper prices are currently being adjusted to reflect the real value at this time. This is a necessary adjustment to rebalance the market.

Forecasts show that Vietnam’s pepper output will reach about 170,000 tons in the upcoming harvest, accounting for 35-40% of global supply. Therefore, world pepper prices may fluctuate strongly, especially when pepper enters a new price increase cycle lasting 10-15 years, with prices likely to reach VND300,000/kg.

The demand for pepper consumption during the year-end holiday season is forecast to be a positive driving force to help keep pepper prices high. With stable prices, Vietnam's pepper exports are expected to remain stable in the last months of 2024, bringing benefits to producers and exporters.

World pepper price today

Update on 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 6,665 USD/ton, up 0.47% compared to yesterday, the price of Muntok white pepper at 9,124 USD/ton, down 0.46% compared to yesterday.

The price of Brazilian ASTA 570 black pepper was at $6,300/ton, down 1.59%. The price of Malaysian ASTA black pepper was at $8,500/ton; the price of this country's ASTA white pepper reached $11,000/ton.

In particular, the price of Vietnamese black pepper is stable at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; and white pepper price at 9,500 USD/ton.

According to preliminary statistics from the Vietnam Pepper and Spices Association (VPSA), in October 2024, Vietnam exported 18,493 tons of pepper of all kinds with a total turnover of 120.2 million USD. The export volume increased by 7.9% compared to the previous month, but decreased by 3.6% compared to the same period last year.

The average export price of black pepper in the month reached 6,284 USD/ton, down 28 USD compared to the previous month, while the price of white pepper reached 8,029 USD/ton, up 191 USD.

The US remained the largest export market in October, accounting for 27.7% of total exports, reaching 5,128 tons, down 8.5% compared to September. The following markets were Hong Kong: 1,784 tons, UAE: 1,382 tons, the Netherlands: 1,000 tons and Germany: 960 tons.

By the end of October 2024, Vietnam had exported 219,387 tons of pepper of all kinds with a total turnover of more than 1.1 billion USD, down 1.9% in volume but up 48% in turnover compared to the same period last year.

Of which, black pepper export reached 193,892 tons, white pepper reached 25,495 tons (black pepper decreased by 3.3%, white pepper increased by 10.8%), corresponding to turnover of 881.6 million USD and 162.6 million USD.

The average export price of black pepper in 10 months reached 4,971 USD/ton, an increase of 1,528 USD/ton and white pepper reached 6,626 USD/ton, an increase of 1,671 USD/ton compared to the same period in 2023.

The US is the largest export market for Vietnamese pepper after 10 months, accounting for 28.5% reaching 62,553 tons, up 46.8% over the same period last year.

Next are the markets: UAE: 14,540 tons, accounting for 6.6%, up 45.0%; Germany: 13,737 tons, accounting for 6.3%, up 77.2%; India: 9,428 tons, accounting for 4.3%, down 10.5% and the Netherlands: 9,295 tons, accounting for 4.2%, up 41.2% over the same period. China is Vietnam's 6th largest export market, reaching 9,252 tons, but compared to the same period, the export volume decreased by 84%.

Domestic pepper price on November 8, 2024