Pepper prices today, August 21, 2024, in the domestic market increased in key localities, trading from 139,000 - 141,000 VND/kg.
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| Pepper price today August 21, 2024: Market bounces back, Vietnam is the second largest pepper supplier to China. (Source: Times of India) |
Pepper prices today, August 21, 2024, in the domestic market increased in key localities, trading from 139,000 - 141,000 VND/kg.
Specifically, pepper price today in Gia Lai is at 139,000 VND/kg.
Pepper prices today in the provinces of Dong Nai (139,000 VND/kg); Dak Lak (141,000 VND/kg); Dak Nong (140,000 VND/kg); Ba Ria - Vung Tau (140,000 VND/kg) and Binh Phuoc (139,000 VND/kg).
Thus, after only 1 day of flat prices, domestic pepper prices today increased in key localities, with a uniform increase of 1,000 VND/kg. The highest pepper price was at 141,000 VND/kg.
According to the Commodity Exchange, domestic pepper prices are recorded at about 140,000 VND/kg, 1.75 times higher than at the beginning of this year.
The Vietnam Pepper and Spices Association (VPSA) forecasts that pepper prices will continue to increase as demand in the world market remains high, while supply is limited.
Pepper export value this year has increased significantly. The whole industry is expected to reach 1 billion USD this year. In the first 7 months of 2024, Phuc Sinh - Vietnam's leading pepper exporter continued to maintain 8% of the global market share, of which the United States is the main market. In the context of good pepper industry growth, the company's total export volume increased by 40%. The average export price doubled compared to the same period last year.
VPSA prioritizes maintaining the pepper acreage, focusing on solutions to improve quality, diversifying processed products with high added value. Accordingly, it is necessary to advise and guide farmers to comply with international standards, especially on chemical residues, implement cultivation processes, prevent pests, and process and preserve them in accordance with the climatic conditions of each region.
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.
At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,472 USD/ton, up 0.8%; the price of Brazilian black pepper ASTA 570 at 6,175 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.
Muntok white pepper price is 8,798 USD/ton, up 0.8%; Malaysian ASTA white pepper price is at 10,400 USD/ton.
Vietnam's black pepper price is trading at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price at 8,500 USD/ton. IPC adjusted up pepper prices in Indonesia at the beginning of the week.
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