The market will benefit from high export prices.

Pepper price today, October 23, 2024, in the Southeast region is stable compared to yesterday, trading around 144,000 - 145,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 145,000 VND/kg.

Accordingly, the price of Dak Lak pepper was purchased at 145,000 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 144,200 VND/kg, an increase of 200 VND/kg compared to yesterday. The price of Dak Nong pepper today was recorded at 145,000 VND/kg, stable compared to yesterday.

Pepper price today October 23, 2024: The market will benefit from high export prices

In the Southeast region, pepper prices today have not fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 144,000 VND/kg, stable compared to yesterday. In Ba Ria - Vung Tau, the price is currently at 144,000 VND/kg, also stagnant compared to yesterday.

Thus, after a slight increase in pepper prices today in key areas, it is stable compared to yesterday, recording the highest price at 145,000 VND, fluctuating in the price range of 144,000 - 145,000 VND/kg.

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 6,753 USD/ton, down 0.62% compared to yesterday, the price of Muntok white pepper at 9,246 USD/ton, down 0.61% compared to yesterday.

Brazilian ASTA 570 black pepper prices increased to USD 6,400/ton. Malaysian ASTA black pepper prices remained stable at USD 8,700/ton; the country’s ASTA white pepper prices reached USD 11,200/ton.

Of which, the price of Vietnamese black pepper is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; the price of white pepper is at 9,500 USD/ton.

World pepper prices today only decreased in black pepper and Indonesian white pepper, the rest remained unchanged.

According to data from the General Department of Customs, the average export price of Vietnamese pepper in the first 15 days of October exceeded 6,500 USD/ton ($6,501/ton), up slightly 0.7% compared to the previous month and up 67.6% compared to the same period last year.

This is also the highest export price achieved in nearly 8 years, since March 2017. Overall, from the beginning of the year until now, the average export price of pepper has increased by 50.1% over the same period, to 5,005 USD/ton.

As a result, although the export of this item from the beginning of the year to mid-October decreased by 2.5% in volume, the turnover still increased sharply by 46.4%, reaching 208,776 tons with a turnover of 1.04 billion USD.

Thus, the General Department of Customs' figures are slightly lower than the 209,933 tons and 1.05 billion USD in turnover announced by the Vietnam Pepper and Spice Association (VPSA). However, the overall results show that Vietnam's pepper exports have officially surpassed the 1 billion USD mark for the first time in 6 years.

Currently, the Vietnamese pepper market is facing many difficulties, with the amount of pepper stored in warehouses of businesses and traders running out. Therefore, businesses are increasing their stockpiles to prevent next year's harvest from arriving about 2 months later than expected.

In the short term, pepper prices are likely to remain stable or decrease slightly as supply remains limited and demand has yet to show signs of a strong recovery. However, in the long term, when the global economic situation is more stable and climate change adaptation solutions are effectively implemented, the pepper market is likely to stabilize and grow.

The Import-Export Department (Ministry of Industry and Trade) forecasts that the Vietnamese pepper industry will benefit from high export prices due to limited supply.

In the long term, pepper export prices will still be supported due to the expected decrease in Vietnam's pepper output in the 2025 crop. It is expected that Vietnam's 2025 pepper crop will be harvested almost entirely in February, with some regions extending to March and April, 1-2 months later than previous years, due to the impact of prolonged drought, making pepper supply increasingly difficult.

Domestic pepper price on October 23, 2024