Pepper prices on September 4, 2024, have increased sharply by 1,500-2,000 VND/kg compared to yesterday to 151,500-152,000 VND/kg.
In the Central Highlands, the price of Dak Lak’s pepper is 152,000 VND/kg, up 2,000 VND/kg compared to yesterday. The price of Chu Se’s pepper (Gia Lai) has reached 151,500 VND/kg, an increase of 1,500 VND/kg. The price of Dak Nong’s pepper today is 152,000 VND/kg, up 2,000 VND/kg.
In the Southeast, the price of pepper today has increased by 1,500-2,000 VND/kg compared to yesterday. Specifically, in Binh Phuoc, the price is 152,000 VND/kg, an increase of 2,000 VND/kg. In Ba Ria-Vung Tau, the price of pepper is 151,500 VND/kg, up 2,000 VND/kg.
The pepper prices have increased for 4 consecutive days in key areas compared to yesterday, fluctuating between 151,500 and 152,000 VND/kg.
According to the International Pepper Association (IPC), at the end of the last trading session, the IPC listed the price of Indonesia’s black pepper Lampung at 7,488 USD/ton, down 0.13%, and Muntok white pepper’s price at 8,817 USD/ton, down 0.14%.
The price of Brazil’s black pepper ASTA 570, remains stable at 7,000 USD/ton. The price of Malaysia’s black pepper ASTA continues to stand at 8,500 USD/ton while the country’s white pepper ASTA price reaches 10,400 USD/ton.
Vietnam’s black pepper price is 6,100 USD/ton for 500 g/l and 6,500 USD/ton for 550 g/l; white pepper price is 8,800 USD/ton.
According to the Import and Export Department (Ministry of Industry and Trade), global pepper supply is added as Indonesia enters the new harvest, starting in July. However, Brazil, the world’s second-largest producer of black pepper, is facing continuous crop failure due to drought.
Experts said that signs of supply shortages over demand will continue in the near future. In addition, the rapid increase in freight costs and port congestion in Asia also impact prices in import markets and can cause shipping delays and price increases in the medium and long term.
According to the US International Trade Commission (USITC), the US’s pepper imports in June 2024 reached 8,177 tons, a sharp increase of 47.7% over the same period last year. Pepper imports of the world’s No. 1 economy have increased for the sixth consecutive month compared to the same period in 2023.
In the first half of the year, the US’s pepper imports reached 45,663 tons with a value of 215.8 million USD, up 35.7% in volume and 38.7% in value over the same period last year.
Regarding the supply market, Vietnam remains the largest supplier of pepper in the first 6 months of the year, accounting for 76% of the total import volume with 34,914 tons, worth more than 161.5 million USD. This result is up 31.1% in volume and 37.1% in value over the same period last year.
Currently, Vietnam’s pepper accounts for 60% of the world’s exports. Specifically, Vietnam has been the world leader in the production and export of pepper for more than 20 years, accounting for 40% of the harvest and 60% of the global export market share. Vietnam’s pepper and spices have now been exported to more than 120 countries and territories, occupying many important markets.