Market turns around, Vietnamese pepper exports to the world's largest economy increase by more than 90%

Pepper prices today, September 21, 2024, in the domestic market turned to increase in some key localities, trading from 148,500 - 151,000 VND/kg.

Pepper price today September 21, 2024: The market turns around, Vietnamese pepper exports to the world's largest economy increase by more than 90%. (Source: Shutterstock)

Pepper price today, September 21, 2024, in the domestic market turned to increase in some key localities, trading from 148,500 - 151,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 148,500 VND/kg.

Pepper prices today in the provinces of Dong Nai (149,000 VND/kg); Dak Lak (151,000 VND/kg); Dak Nong (151,000 VND/kg); Ba Ria - Vung Tau (149,000 VND/kg) and Binh Phuoc (150,000 VND/kg).

Thus, after 3 consecutive days of decline, domestic pepper prices today turned to increase in key localities, increasing by 500 - 2,000 VND/kg. The highest pepper price is at 151,000 VND/kg.

According to the General Department of Customs, Vietnam's pepper exports to the US market last August reached a record 8,570 tons, worth 52.7 million USD, a sharp increase of 45.1% in volume and 52.4% in value compared to the previous month, and an increase of 90.6% in volume and 2.9 times in value compared to the same period last year.

In the first 8 months of the year, pepper exports to the world's largest economic market reached 51,802 tons, worth 258.3 million USD, up 53.5% in volume and 90.9% in value over the same period in 2023. This market accounted for 28.3% of Vietnam's total pepper exports in 8 months compared to 18% in the same period last year.

The average pepper export price to the US in 8 months increased by 24.3%, to an average of 4,986 USD/ton.

Vietnam has always maintained its position as the largest pepper supplier to the US with a market share of about 80% of the market's import capacity.

According to the Vietnam Industry and Trade Information Center (VITIC), in Indonesia, some major production areas have completed harvesting. Producers have sold a large amount of goods. Pepper prices in Indonesia are increasing rapidly by 200 - 300 USD/ton and most exporters are limiting their offers.

Since the beginning of 2024, Indonesia's pepper exports have increased sharply, in contrast to the decline of leading producing countries such as Brazil or Vietnam.

Data shows that by the end of July 2024, the country's pepper exports reached 22,829 tons, worth more than 111 million USD, up sharply by 55.6% in volume and 59.6% in value over the same period last year. Indonesia's average pepper export price in the first 7 months of the year was 4,869 USD/ton, up 2.5% over the same period. This is a fairly modest price increase compared to other leading producing countries and the general level of the international market in recent times.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 7,589 USD/ton; the price of Brazilian black pepper ASTA 570 at 7,000 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,800 USD/ton.

Muntok white pepper price is 9,154 USD/ton; Malaysian ASTA white pepper price is at 10,900 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.

Source: https://baoquocte.vn/gia-tieu-hom-nay-2192024-thi-truong-quay-dau-ho-tieu-viet-xuat-khau-sang-nen-kinh-te-lon-nhat-the-gioi-tang-hon-90-287072.html