Limited supply, pepper prices are still 70% higher than at the beginning of the year

Pepper price today, November 14, 2024, in the Southeast region stagnated in most key regions, trading around 138,000 - 139,000 VND/kg; the highest purchase price in Dak Nong, Dak Lak, and Binh Phuoc provinces.

Accordingly, the price of Dak Lak pepper was purchased at 139,000 VND/kg, unchanged from yesterday. The price of Chu Se pepper (Gia Lai) was purchased at 138,500 VND/kg, an increase of 500 VND/kg. The price of Dak Nong pepper today was recorded at 139,000 VND/kg, the same as yesterday.

Pepper price today November 14, 2024: Pepper price is still 70% higher than at the beginning of the year

In the Southeast region, pepper prices today have not fluctuated compared to yesterday. Specifically, in Binh Phuoc, pepper prices today are stable at 139,000 VND/kg. In Ba Ria - Vung Tau, it is currently at 138,000 VND/kg, unchanged from yesterday.

Thus, domestic pepper prices today are stable in key growing areas. In the domestic market, the highest pepper price is at 139,000 VND/kg, the lowest price is 138,000 VND/kg.

World pepper prices 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 6,514 USD/ton, down 0.06%, and the price of Muntok white pepper at 9,116 USD/ton, down 0.07%.

The price of Brazilian ASTA 570 black pepper was at USD 6,000/ton, down 5.00%. The price of Malaysian ASTA black pepper was at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 11,000/ton.

Of which, the price of Vietnamese black pepper dropped sharply to 6,200 USD/ton for 500 g/l, down 4.84%; 550 g/l at 6,500 USD/ton, down 4.62%; and white pepper at 9,400 USD/ton, down 1.06%.

The prolonged heat wave in early 2024 is greatly affecting pepper crop productivity, leading to a further decrease in output in 2025. Pepper prices in the 2025 crop are forecast to be higher than in the 2024 crop (at its highest, 160,000 VND/kg).

The Import-Export Department (Ministry of Industry and Trade) forecasts that Vietnam's pepper export activities will not be favorable in the last months of this year due to the limited domestic supply, in addition, demand from China is still low. It is expected that by early 2025, the export situation to this market will be more positive when demand is expected to increase sharply.

Looking at the upside prospects, buying power from China and the year-end festive season are the market expectations. The forecast of a one-month delay in Vietnam’s harvest next year also raises doubts for the market.

Commenting on the market in the coming time, according to experts, domestic pepper prices are still 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 are still maintained at a stable high level due to limited supply.

Recently, the world market has been supplemented with a large amount of Indonesian harvest, China has taken advantage of buying a lot from this source. However, after Indonesia's harvest, the supply until February 2025 has not been significantly supplemented. This is a great advantage for Vietnamese pepper when entering next year's harvest.

In the domestic market in Vietnam, pepper prices are still under pressure as demand slows down, while sellers seek to raise capital to invest in coffee, an agricultural product in the harvest season. However, limited supply has helped pepper prices remain about 70% higher than at the beginning of the year and double the same period last year.

According to the General Department of Customs, in October, Vietnam's pepper exports reached 18,415 tons, worth 120.6 million USD, up 7.7% in volume and 9.1% in value compared to the previous month, and down 4.8% in volume and up 65.3% in value compared to the same period last year.

In the first 10 months of the year, the cumulative export of this spice item reached 218,732 tons, worth 1.11 billion USD, down 3% in volume but up 47% in value over the same period in 2023.

Thus, after only 10 months, the pepper industry has returned to the top of the billion-dollar export club after 6 years away from this milestone. This result also helps pepper become the agricultural product with the strongest increase in export turnover since the beginning of the year.

Mainly due to the export price of pepper in the 10 months increasing by 51.5% over the same period last year, reaching an average of 5,077 USD/ton.

In October alone, the average export price of pepper reached 6,548 USD/ton, up 1.4% compared to the previous month and 73.6% compared to the same period last year. This is the highest price achieved in the past 8 years, since January 2017.

Domestic pepper price on November 14, 2024