The pepper prices on September 17, 2024, in key areas in Vietnam are between 152,000 and 155,000 VND/kg.
In Dak Lak, pepper price is 155,000 VND/kg, which is down 1,000 VND/kg compared to yesterday. The price in Chu Se (Gia Lai) is stable at 154,000 VND/kg.
In the Southeast, the price today remains unchanged compared to yesterday. Specifically, the prices of pepper in Binh Phuoc and Ba Ria-Vung Tau are 152,000 VND/kg and 155,000 VND/kg, respectively.
Pepper price may reach 160,000 VND/kg this week.
At the end of the last trading session, the IPC listed the price of Indonesian Lampung black pepper at 7,562 USD/ton and Muntok white pepper at 9,121 USD/ton.
Brazil’s ASTA 570 black pepper price is 7,300 USD/ton, down 2.72%. Malaysia’s ASTA black pepper price is 8,800 USD/ton. This country’s ASTA white pepper price is 10,900 USD/ton.
Vietnamese black pepper is traded at 6,800 USD/ton for 500 g/l and 7,100 USD/ton for 550 g/l. White pepper price is 10,150 USD/ton.
Experts said that the market will be affected by the FED’s interest rate cut of 0.25 or 0.5 percentage points in the policy meeting in the coming days.
The news of interest rate cuts has caused the dollar to weaken, which is a positive sign for commodity markets, including pepper. Globally, the IPC also noted that no country reported a reduction in pepper prices last week.
Along with that, increased buying from the markets and supply concerns are still two permanent reasons to push the price of pepper to go up. Experts forecast that the pepper price in the domestic market may reach 160,000 VND/kg this week.
According to the General Department of Customs, in August, Vietnam exported 1,080 tons of pepper to Germany, worth 6.4 million USD, down 24.4% in volume and 29.2% in value compared to July. However, this result increased to 74.2% in volume and 2.4 times in value compared to the same period last year.
In the first 8 months of the year, pepper exports to Germany reached 12,133 tons, equivalent to 63.7 million USD, a sharp increase of 97.5% in volume and 2.5 times (151.8%) in value over the same period in 2023.
Germany rose to second place in Vietnam’s pepper export markets after the US, with its market share increasing from 3.3% of the same period to 6.6% in the first 8 months of the year.
According to data from the European Statistics Agency (Eurostat), Germany’s pepper imports are also increasing, reaching 12,029 tons by the end of June this year. It is worth 57.6 million EUR, up 25.4% in volume and 31.4% in value over the same period last year.
Germany is currently the largest importer of pepper in the EU, and Vietnam is the largest supplier to this country.
Germany’s pepper imports from Vietnam in 6 months reached 6,652 tons, up 67.7% over the same period last year, and accounted for more than half (55.3%) of the country’s total imported pepper. This was significantly expanded compared to the market share of 41.4% in the first half of 2023.
Germany’s import price of pepper from Vietnam in the first 6 months averaged 4,420 USD/ton, up 11.3% over the same period last year. This is also higher than the figure of 4,074 USD/ton of Brazil, the main competitor in this market.