On July 29, 2024, in the Southeast, the pepper price is stable compared to yesterday, around 149,000–150,000 VND/kg. The highest price in Dak Nong and Dak Lak provinces is 150,000 VND/kg.
Specifically, the price of pepper in Dak Lak and Dak Nong is 150,000 VND/kg; the price of pepper in Chu Se (Gia Lai) is 149,000 VND/kg. In the Southeast, the price of pepper today stays the same as yesterday. Specifically, in Ba Ria-Vung Tau, the pepper price is currently 150,000 VND/kg, and in Binh Phuoc, it is 149,000 VND/kg.
The price of pepper has not changed in key growing areas. The highest level is 150,000 VND, with a price range of 149,000–150,000 VND/kg.
Pepper prices are at their highest level in the last 8 years.
Domestically, pepper prices saw a record increase from 92,000–94,000 VND/kg in early April to a peak of 180,000 VND/kg on June 11, corresponding to an increase of 90% in just over two months. This was the highest level in the last 8 years. After that, the price was adjusted to 153,000–157,000 VND/kg at the end of June.
By the end of the second quarter, domestic pepper prices had increased by about 93% compared to the beginning of the year and were 2.3 times higher than the same period last year.
In the first half of 2024, Vietnam exported more than 140,000 tons, accounting for about 83% of its expected total output of about 170,000 tons this year. There are still 7-8 months left until the new harvest (expected after the Lunar New Year in February 2025), while the inventory is not as large as the Vietnam Pepper and Spice Association (VPSA) previously said.
At the end of the last trading session, the IPC listed the price of Indonesian Lampung black pepper at 7,150 USD/ton and Muntok white pepper at 9,103 USD/ton.
The price of Brazil’s ASTA 570 black pepper is stable at 6,950 USD/ton. The price of Malaysia’s ASTA black pepper also remains at 7,500 USD/ton and ASTA white pepper at 8,800 USD/ton.
The prices of Vietnam’s black pepper are at a high level of 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper.
The domestic and global pepper markets witnessed unprecedented volatility in the second quarter of this year. Some experts believe that the market continues to have a shortage of supply over demand. Falling output from Brazil and Vietnam, the world’s top two pepper-producing countries, has pushed up international pepper prices continuously in the first months of this year. Accordingly, the export prices of black pepper of Indonesia and Brazil increased by 93.1% and 2.3 times, respectively, in just a short time from the beginning of the second quarter to mid-June. Meanwhile, Vietnam recorded an increase of 70–83% in the above period.
In the following weeks, the prices decreased and somewhat stabilized, but still fluctuated at their highest level in about 8 years.