After a sharp increase, pepper prices today are around 138,000–140,000 VND/kg. The highest price is 140,000 VND/kg.
In the Central Highlands, the pepper prices in Dak Lak, Chu Se (Gia Lai), and Dak Nong are 140,000 VND/kg, 138,000 VND/kg, and 139,000 VND/kg, respectively. Compared to yesterday, the price of pepper has remained the same.
Similarly, in the Southeast, pepper prices have not changed. Specifically, in Ba Ria – Vung Tau and Binh Phuoc, the price is 138,000 VND/kg.
According to preliminary statistics from the Vietnam Pepper and Spice Association (VPSA), in the first half of August 2024, Vietnam exported 10,082 tons of pepper with a total export turnover of 58.8 million USD.
Pepper prices are forecast to have a sharp increase this week.
In the opposite direction, Vietnam imported 569 tons of pepper, with a total import turnover of 3.1 million USD. Brazil and Indonesia were the two main suppliers to Vietnam, with 219 tons and 211 tons, respectively.
At the end of the last trading session, IPC listed the price of Indonesia’s Lampung black pepper at 7,412 USD/ton and Muntok white pepper at 8,728 USD/ton.
The price of Brazil’s ASTA 570 black pepper remains at 6,175 USD/ton. Malaysia’s ASTA black pepper price continued to stay at 8,500 USD/ton. This country’s ASTA white pepper price reached 10,400 USD/ton.
The prices of Vietnam’s black pepper remained at a high level of 5,800 USD/ton for 500 g/l and 6,200 USD/ton for 550 g/l. White pepper price was 8,500 USD/ton.
According to the VPSA, pepper prices will continue to increase as demand in the world market remains high while supply is limited. Therefore, Vietnam’s pepper exports this year are expected to reach over one billion USD, bringing pepper back into the billion-dollar industry.
Due to the shortage of pepper supply in the world, global pepper prices are expected to increase in the last months of 2024. Especially when the supply of pepper from other major producing countries such as Brazil, Vietnam, Malaysia, or Indonesia also decreased.
In the next 3–5 years, pepper production cannot meet the world’s consumption demand. It is forecast that the demand for pepper in the world in the next 5 years will continue to remain higher than the supply.
The price has increased from 87,000 VND to 187,000 VND, an increase of more than 100%. This is a good signal for Vietnam’s agricultural industry—not only coffee or pepper but also many other products.
Pepper value for the whole year has had a significant increase. The pepper industry is expected to reach one billion USD.