Vietnam's pepper exports to China fall sharply

Pepper price today, September 23, 2024, in key areas is stable compared to yesterday and traded around 149,000 - 151,000 VND/kg, the highest purchase price in Dak Lak and Dak Nong provinces is 151,000 VND/kg.

Accordingly, the price of Dak Lak pepper was purchased at 151,000 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 150,000 VND/kg, unchanged from yesterday. The price of Dak Nong pepper today is at 151,000 VND/kg, unchanged from yesterday.

Pepper price today September 23, 2024: Vietnam's pepper exports to the Chinese market decreased sharply

In the Southeast region, pepper prices today have slowed down following the general trend compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are at 150,000 VND/kg, stable compared to yesterday. In Ba Ria - Vung Tau, it is at 149,000 VND/kg, unchanged compared to yesterday.

Thus, domestic pepper prices today maintained a sideways trend in key localities. The highest pepper price was at 151,000 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 7,715 USD/ton, and the price of Muntok white pepper at 9,305 USD/ton.

The price of Brazilian ASTA 570 black pepper is at 6,900 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.

Vietnam's black pepper price is trading 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...

According to records, current pepper prices help local pepper growers feel excited, reviving production spirit before entering this year's harvest.

Experts say pepper prices could rise above VND160,000/kg before the harvest season in Vietnam. One of the main reasons for the recent increase in pepper prices is limited supply worldwide.

In the structure of pepper export types in the first 8 months of the year, whole black pepper continued to account for a large proportion of up to 73.8%, reaching 135,620 tons. Next is ground black pepper reaching 25,699 tons, accounting for 14%; whole white pepper accounting for 7.7% with 14,975 tons; ground white pepper accounting for 3.8%; and finally pickled pepper, black pepper, nail head pepper, green pepper, pink pepper... with 0.7%.

Since the beginning of the year, Vietnam's pepper exports to most major consumer markets have grown strongly at double-digit rates, except for the Chinese market.

According to the Vietnam Pepper and Spice Association (VPSA), Vietnam's pepper exports to the Chinese market in the first 8 months of this year only reached 8,388 tons, worth 23.5 million USD, a sharp decrease of 84.4% in volume and 80.2% in value compared to the same period last year.

China's market share in Vietnam's total pepper exports accordingly dropped to 4.6% compared to 28.6% in the same period. With this result, China is now only ranked 5th in the list of Vietnam's largest pepper exporters after the first 8 months of the year, falling 4 places compared to the number one position in 2023.

China’s lower-than-expected economic growth, tightening consumer spending and sufficient inventory are some of the factors that have caused China to continue to limit its purchase of pepper from Vietnam. In addition, the lower price of pepper in the Chinese domestic market than in Vietnam could also be the reason for the above-mentioned decline.

Domestic pepper price on September 23, 2024