Market continues to rise, farmers are excited

Pepper price today, October 17, 2024, in key areas fluctuated upward compared to yesterday and traded around 144,000 - 145,000 VND/kg. On average, in key areas, it increased by 500 - 1,000 VND/kg.

Accordingly, Dak Lak pepper price is purchased at 145,000 VND/kg, an increase of 1,000 VND compared to yesterday. Chu Se pepper price (Gia Lai) is purchased at 144,000 VND/kg, an increase of 500 VND/kg. Dak Nong pepper price today is recorded at 145,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today (October 17, 2024) mainly did not record any fluctuations compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 144,000 VND/kg. In Binh Phuoc, pepper prices today are at 144,000 VND/kg.

Giá tiêu hôm nay 17/10/2024: Thị trường tiếp tục tăng, người nông dân phấn khởi

Farmers harvest pepper. Photo: D.T

World pepper price today:

Updating 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 6,764 USD/ton; the price of Muntok white pepper at 9,260 USD/ton.

The price of Brazilian ASTA 570 black pepper was at USD 6,400/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,700/ton; the price of this country's ASTA white pepper reached USD 11,200/ton.

Today, 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.

The domestic pepper market is going through a period of volatility, with prices falling continuously in recent times. However, a positive sign is that pepper prices have begun to increase slightly in some pepper growing areas. The reason is believed to be due to the small amount of pepper remaining in the population, leading to slow trading activities.

Currently, most of the pepper is being kept in warehouses of agents and businesses. Estimated inventory from 2023 and imports in 2024 is about 40,000 - 45,000 tons, including unofficial imports. This shows that the amount of pepper exported in the coming time may be less than in previous years.

However, competition from new Indonesian supplies is expected to keep the domestic pepper market from being vibrant in the near future, especially as China is increasing imports from Indonesia. Pepper prices are expected to fluctuate around VND145,000/kg and may increase to over VND160,000/kg in the long term.

In the international market, the US is the largest customer of Vietnamese pepper. According to data from the US International Trade Commission (USITC), the US imported 7,372 tons of pepper in August, down 28% compared to the previous month but up 25% compared to August last year. The total amount of pepper imported by the US in the first 8 months of the year was 63,294 tons, worth 306.9 million USD, up 37% in volume and 44.8% in value compared to the same period last year.

Vietnam was the main supplier to the US, accounting for 78% of total imports with 49,277 tons, worth 235.2 million USD, up 35.4% in volume and 46.8% in value compared to the previous year. The average import price of pepper in the US was 4,849 USD/ton, up 5.7% compared to the previous year. Of which, the import price of pepper from Vietnam increased to 4,774 USD/ton, up 8.4%; from India was 5,043 USD/ton, up 3.4%; while prices from Indonesia and Brazil decreased by 17% and 6%, down to 5,117 USD/ton and 4,175 USD/ton respectively.