Market increases slightly, export price highest in 8 years, long-term support still available

Pepper price today October 22, 2024 in the domestic market increased slightly in some key localities, trading from 143,500 - 145,000 VND/kg.

Pepper price today October 23, 2024: Market increased slightly, export price highest in 8 years, long-term support is still available. (Source: Times of India)

Pepper price today October 22, 2024 in the domestic market increased slightly in some key localities, trading from 143,500 - 145,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 143,500 VND/kg.

Pepper prices today in the provinces of Dong Nai (143,500 VND/kg); Dak Lak (145,000 VND/kg); Dak Nong (145,000 VND/kg); Ba Ria - Vung Tau (144,000 VND/kg) and Binh Phuoc (144,000 VND/kg).

Thus, after a day of stability, domestic pepper prices today increased slightly in some key growing areas, increasing by 500 - 1,000 VND/kg. The highest pepper price was recorded at 145,000 VND/kg.

According to 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.

The Import-Export Department (Ministry of Industry and Trade) forecasts that world pepper prices will remain high in the short term due to limited supply. However, high prices limit demand for this commodity, causing people to tighten their spending. In particular, weak demand from the Chinese market continues to be the reason for restraining the growth of pepper.

However, in the long term, pepper export prices will still be supported, because Vietnam's output of this commodity in the 2025 crop is not expected to increase. The 2025 pepper crop in Vietnam 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...

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,795 USD/ton, up 0.01%; the price of Brazilian black pepper ASTA 570 at 6,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,700 USD/ton.

Muntok white pepper price is 9,302 USD/ton; Malaysian ASTA white pepper price is at 11,200 USD/ton.

Vietnam's black pepper price is trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price at 9,500 USD/ton. IPC kept pepper prices stable in other countries in the first trading session of the week.

Source: https://baoquocte.vn/gia-tieu-hom-nay-23102024-thi-truong-tang-nhe-gia-xuat-khau-cao-nhat-8-nam-dai-han-van-duoc-ho-tro-291021.html