Pepper exports to hit record high

Domestic pepper price today

Pepper price today December 2, 2024, pepper price situation is the same as yesterday December 1, 2024; reaching 147,000 VND/kg.

Specifically, Gia Lai, Ba Ria - Vung Tau and Binh Phuoc provinces all increased by 1,000 VND/kg; Dak Nong increased by 1,500 VND/kg, and Dak Lak increased by 2,000 VND/kg.

Accordingly, the pepper price today, December 2, 2024, Ba Ria - Vung Tau province is the locality with the lowest price, at 144,000 VND/kg; followed by Gia Lai and Binh Phuoc at 145,000 VND/kg; Dak Nong at 146,500 VND/kg; Dak Lak province alone reached 147,000 VND/kg. The average pepper price today, December 2, 2024 is 145,500 VND/kg.

Pepper price today, December 2, 2024, is unchanged compared to yesterday. Photo: Le Son

According to data from the Vietnam Pepper and Spice Association (VPSA), in the first 15 days of November 2024, Vietnam exported 8,082 tons of pepper, with a total turnover of 55.4 million USD. Of which, the largest export market for Vietnamese pepper is still the US, reaching 2,362 tons, accounting for 29.2% of the market share.

According to Ptexim's forecast, in November, Vietnam will export about 16,000 to 18,000 tons, bringing the total export volume in the 11 months of 2024 to 235,000 to 237,000 tons. This is an extremely impressive export volume, especially in the context that most experts predict that the 2024 crop output and inventory will decrease significantly compared to the past 5 years.

The 2025 crop is forecast to have a 10% to 15% reduction in output, and late harvests in February and March will also put pressure on market supply in the first quarter of 2025.

Ptexim said demand from major markets remains weak and the ongoing coffee harvest season attracts investors' attention and capital, which could cause cash flow to withdraw from pepper.

However, pepper inventories have been sharply reduced, with current stocks being held mainly by a small number of dealers and import-export companies. Therefore, the upcoming market trend could witness significant volatility, especially as inventories are low.

According to experts, in the last two months of 2024, Vietnam will export an average of 25,000 tons of pepper per month. With the current export price, pepper export turnover in the last two months of the year is estimated to reach about 300 million USD. Thus, Vietnam's pepper and spice export turnover in 2024 will reach 1.4 billion USD, a record high to date.

Pepper price today December 2, 2024

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, the market was basically stable compared to the previous update, except for the Indonesian market which increased slightly.

Specifically, IPC listed the price of Indonesian Lampung black pepper at 6,627 USD/ton; up 0.05%; the price of Muntok white pepper at 9,143 USD/ton, up 0.13%.

The price of Brazilian ASTA 570 black pepper was stable at 6,150 USD/ton; the price of Malaysian ASTA black pepper was at 8,400 USD/ton; the price of this country's ASTA white pepper reached 10,500 USD/ton.

Of which, the price of Vietnamese black pepper is stable at 6,200 USD/ton for 500 g/l, 550 g/l remains at 6,500 USD/ton; the price of white pepper is at 9,400 USD/ton, unchanged.