Pepper price on 04/22/2024: reaching VND 98,000/kg

Pepper prices on April 22 globally

Globally, the pepper market on April 22 remains stable in various countries.

Specifically, the price of black pepper Lampung in Indonesia remains at $ 4,562/ton. Meanwhile, the price of white pepper Muntok in this country is maintained at $ 6,025/ton.

The price of black pepper Kuching ASTA in Malaysia remains stable at $ 4,900/ton; while the white pepper ASTA in this country is still priced at $ 7,300/ton.

In the Brazilian market, the price of black pepper ASTA 570 stands at $ 4,300/ton.

As for Vietnam, the export prices of black pepper, grades 500 and 550 g/l, remain at $ 4,200 and $ 4,300/ton, respectively. The export price of white pepper remains at $ 6,000/ton.

World pepper prices today continue to move sideways. According to IPC, the pepper market reacted differently last week, with only domestic black pepper prices in India and Malaysia seeing increases.

In 2023, US pepper imports decreased by 21.2% to just 69,052 tons - the lowest level in 9 years. The reason for this decline is attributed to the impact of a weak economy and high inflation, causing US consumers to tighten their spending.

Inflation in the US in March 2024 remained stronger than expected, which could delay the Fed's policy adjustment plans. However, interest rates are expected to decrease this year.

In its recently released World Economic Outlook report, the International Monetary Fund (IMF) raised its growth forecast for the US in 2024 to 2.7% from the previous 2.1% estimate in January, citing stronger-than-expected job creation and consumer spending.

The higher US economic growth is expected to stimulate consumption and pepper imports in the country in the near future, especially as pepper inventories in the US are low after two consecutive years of declining imports.

Thus, global pepper prices on 04/22/2024 remain stable compared to yesterday.

Pepper price on April 22 domestically

Domestically, pepper markets on April 22 showed no significant changes from yesterday:

In Dak Lak, pepper is still being purchased at VND 98,000/kg;

In Dak Nong, the price of pepper remains at VND 97,000/kg;

Gia Lai's pepper price is holding steady at VND 97,000/kg;

Traders in Dong Nai continue to buy pepper at VND 96,500 VND/kg;

The latest price of pepper in Ba Ria - Vung Tau is at VND 98,000/kg;

Meanwhile, traders in Binh Phuoc are trading pepper at VND 98,000/kg.

Domestic pepper prices today remain unchanged, with the highest level reaching VND 98,000/kg. Last week, this agricultural product continued to soar by an additional VND 7,500 - 8,500/kg.

In the first quarter of 2024, Vietnam's pepper exports reached 57,000 tons, valued at $ 236 million. Compared to the same period in 2023, this represents a 25% decrease in volume but a 1% increase in value.

According to the latest data from the General Department of Customs, Vietnam's pepper exports in March reached approximately 25.9 thousand tons, worth $ 111.6 million. Thus, compared to February, there was a significant increase of 93% in volume and an impressive 105% increase in value. However, compared to the same period in 2023, there was a 27.5% decrease in volume but a 4.8% increase in value.

Also in March 2024, the average export price of pepper from Vietnam reached $ 4,305 USD/ton, representing a 6.3% increase compared to February and a substantial 44.5% increase compared to the same period in 2023. Overall, in the first three months of 2024, the average export price of pepper reached $ 4,153 USD /ton, marking a 35.5% increase compared to the same period in 2023.

Thus, domestic pepper prices on 04/22/2024, are trading around the range of VND 96,500 - 98,000/kg.