Export market fluctuates, pepper exports to China decrease sharply

Pepper price today, October 11, 2024, in key areas decreased by 1,000 VND/kg compared to yesterday and traded around 145,000 - 147,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces was 147,000 VND/kg.

Accordingly, Dak Lak pepper price was purchased at 147,000 VND/kg, down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 146,000 VND/kg, stable compared to yesterday. Dak Nong pepper price today was recorded at 147,000 VND/kg, down 1,000 VND/kg compared to yesterday.

In the Southeast region, pepper prices today (October 11, 2024) mainly fluctuated compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 146,500 VND/kg, down 1,000 VND/kg compared to yesterday. In Binh Phuoc, pepper prices today are at 145,000 VND/kg, down 1,000 VND/kg compared to yesterday.

Thus, pepper price today October 11, 2024 decreased by 1,000 VND/kg, around 145,000 - 147,000 VND/kg. The highest price recorded is 147,000 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 6,711 USD/ton, up 0.33%, and the price of Muntok white pepper at 8,974 USD/ton, up 0.32%.

The price of Brazilian ASTA 570 black pepper is at 6,750 USD/ton. The price of Malaysian ASTA black pepper is at 8,800 USD/ton; the price of this country's ASTA white pepper is at 11,200 USD/ton.

The price of Vietnamese black pepper dropped to 6,500 USD/ton for 500 g/l, down 4.62%; 550 g/l at 6,800 USD/ton, down 4.41%; white pepper at 9,850 USD/ton, down 3.05%...

Pepper price today October 11, 2024: Export market fluctuates, pepper export volume to China decreases sharply

According to the Vietnam Pepper and Spices Association (VPSA), in the first 9 months of 2024, Vietnam exported 200,894 tons of pepper, with a total value of 991 million USD. Of which, black pepper accounted for 781.9 million USD and white pepper reached 142.1 million USD. Although the export volume decreased slightly by 1.7%, the export value increased sharply thanks to the average price of black pepper and white pepper increasing by 40.9% and 30.4%, respectively.

Vietnam’s largest export market is Asia, however exports to this region decreased by 33.7% due to a sharp decline in the Chinese market. Pepper exports to China alone decreased by 84.1%, greatly affecting total exports. Other markets such as the UAE, India, South Korea, and Pakistan still recorded positive growth.

Domestic pepper prices continued to fall sharply today, mainly due to a significant decrease in exports to China. However, pepper prices on the world market still recorded some positive signals. Given this situation, the Vietnamese pepper industry needs a new strategy to expand the market and increase exports.

By the end of September, Vietnam's pepper exports reached 200,894 tons, far exceeding the output of 170,000 tons of the 2024 crop. At the same time, the export volume in September was reported to have decreased significantly.

China’s economy faces a number of challenges in 2024, including slowing growth, falling consumer demand and foreign exchange reserve constraints. These issues have weighed on China’s overall imports, as businesses prioritize essential goods over commodities such as pepper. Cautious spending and falling purchasing power have constrained imports in many sectors, including spices.

Commenting on the market in the coming time, according to experts, domestic pepper prices will remain below 150,000 VND/kg in the context of high gold and USD prices and the preparation for the new coffee harvest. In addition, Vietnam's pepper export prices will remain stable at a high level due to limited supply.

In India, increased imports coupled with reports of large inventories have dragged down black pepper prices by Rs 14 per kg in the three weeks to end-August 2024. Most consuming markets in India are flooded with imported pepper with quality issues such as high moisture, low bulk density and mould. This has forced distributors to liquidate their stocks at discounted prices, leading to further price declines. Meanwhile, festive demand has not picked up in the northern markets due to unfavourable weather conditions, which have resulted in heavy rains in most consuming states, resulting in a slowdown in purchases.

Domestic pepper price on October 11, 2024