Sharp increase of 3,000 VND/kg, Dak Lak reaches new peak of 140,000 VND/kg

Pepper price today, August 18, 2024, in the Southeast region turned to increase, recording the largest increase of 3,000 VND/kg, trading around 138,000 - 140,000 VND/kg, the highest purchase price in Dak Lak province is 140,000 VND/kg.

Accordingly, Dak Lak pepper price is purchased at 140,000 VND/kg, an increase of 3,000 VND compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 138,000 VND/kg, an increase of 1,500 VND compared to yesterday. Dak Nong pepper price today is recorded at 139,000 VND/kg, an increase of 2,500 VND/kg compared to yesterday.

Pepper price today August 18, 2024: Strong increase of 3,000 VND/kg, Dak Lak reaches a new peak of 140,000 VND/kg

In the Southeast region, pepper prices today increased by VND 2,000/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at VND 138,000/kg, an increase of VND 2,000/kg compared to yesterday; in Binh Phuoc, pepper prices today are at VND 138,000/kg, an increase of VND 2,000/kg compared to yesterday.

Thus, after 2 consecutive days of decline, pepper prices today turned around and increased sharply, the lowest level was 1,500 VND/kg, the highest level was 3,000 VND/kg, bringing the price to a new high of 140,000 VND/kg in Dak Lak area.

According to Chinese Customs data, Vietnam was the second largest pepper supplier to China, after Indonesia, in the first half of 2024 with 1,515 tons, down 7.6% year-on-year. At the same time, Vietnam's market share in China accounted for 32.7%, down from 36.5% in the same period in 2023. Since the beginning of the year, Chinese businesses have limited pepper purchases from Vietnam but have only imported a small amount of nearly 1,000 tons from Indonesia, while the country exported 2,266 tons in just the first 4 months of 2024, a sharp increase of 111% over the same period last year.

Vietnam's pepper exports in the first 7 months of 2024 reached 164,357 tons compared to the 2024 harvest output of about 170 thousand tons, the remaining output is estimated to be very low. The inventory from the 2023 crop carried over plus the import volume in 2024 is about 40 - 45 thousand tons.

Thus, the export supply from August until the end of the year will be lower than every year and will last until March 2025 when the 2025 crop is expected to begin harvesting. Higher prices have caused demand in many markets to decline, thereby causing Vietnam's pepper export volume to continuously decrease in recent months.

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 7,412 USD/ton, stable compared to yesterday, the price of Muntok white pepper remained unchanged at 8,728 USD/ton.

The price of Brazilian ASTA 570 black pepper remained stable at USD 6,175/ton. The price of Malaysian ASTA black pepper continued to stand firm at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 10,400/ton.

Vietnam's black pepper price remains at a high level of 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton...

Pepper export value this year has increased significantly. The whole industry is expected to reach 1 billion USD in export turnover this year. In the first 7 months of the year, Phuc Sinh, Vietnam's leading pepper exporter, continued to maintain 8% of the global market share, of which the US is the main market.

Amid the good growth of the pepper industry, the company's total export volume increased by 40%. The average export price doubled compared to the same period last year.

Mr. Phan Minh Thong, Chairman of the Board of Directors of Phuc Sinh Joint Stock Company said: "The increase in pepper from 87,000 VND to 187,000 VND is an increase of more than 100%, not an increase of 30-40%, that is a good signal for Vietnam's agricultural sector, not only coffee and pepper but also many other products".

According to the Commodity Exchange, domestic pepper prices are recorded at VND140,000/kg, 1.75 times higher than at the beginning of this year. At its peak, pepper prices reached VND158,000/kg. The reason is that pepper supply is scarce this year.

Domestic pepper price on August 18 , 2024