The pepper price on August 12, 2024, in the Southeast has increased slightly by 3,000–4,000 VND/kg to 145,000–146,500 VND/kg.
Mr. Le Duc Huy, General Director of Dak Lak-Simexco Import Export Co., Ltd., said that Vietnam’s inventory is about 30%, equivalent to 50,000–55,000 tons.
According to the Import-Export Department, Vietnam’s pepper industry will benefit in price in the coming time due to scarce supply. This could open up opportunities for Vietnam to increase its market share, further strengthening its position in key markets such as the US, China, and Europe.
However, Mr. Huy said that, in the first half of this year, Vietnam’s traditional purchasing markets imported a large amount of pepper. It means that they are not in a hurry to buy more pepper. Therefore, although the shortage of supply continues, it will be difficult for pepper prices to have a strong increase like at the beginning of the year.
Pepper prices maintain their increase.
According to the International Pepper Association (IPC), at the end of the last trading session, the price of Lampung black pepper in Indonesia was listed at 7,320 USD/ton, and the price of Muntok white pepper reached 8,970 USD/ton.
Brazil’s ASTA 570 black pepper price held at 6,100 USD/ton, down 4.92%. Malaysia’s ASTA black pepper price remained stable at 8,500 USD/ton. This country’s ASTA white pepper price reached 10,400 USD/ton.
The price of Vietnam’s black pepper remained at a high level, at 5,800 USD/ton for 500 g/l and 6,200 USD/ton for 550 g/l. The price of white pepper was 8,500 USD/ton.
Based on the summary of the Vietnam Pepper and Spice Association (VPSA), the average domestic pepper price in July 2024 reached 150,000 VND/kg, an increase of 82.9% compared to January and 120.6% over the same period in 2023. On average, the price of black pepper in the 7 months of 2024 increased by 66.5% compared to 2023.
Meanwhile, the export price of black pepper in June 2024 reached 5,067 USD/ton, up 31.6% compared to January. On average, black pepper export prices increased by 17.1% over the same period last year. A shortage of supply due to reduced harvests in Vietnam and Brazil is the main reason for the increase in pepper prices in the second quarter of 2024.
The Association’s survey to assess the current status of the three Central Highlands provinces in early July showed that pepper production is increasingly dominated by durian and coffee. A new planting area is recorded, but not much, mainly intercropped with pepper and coffee at a ratio of 6-2.
The Association said that the next crop output may be equivalent to or slightly increase compared to 2024. The inventory in the community is not much. The situation of pests and diseases is still there but insignificant. A farmer can handle some common diseases.