Pepper prices on 04/16/2024: remained steady

Pepper prices on April 16 globally

On the global market, the pepper market on April 16 remained stable in all countries.

Specifically, the price of black pepper in Lampung, Indonesia, remained at $ 4,463/ton. The price of white pepper in Muntok of this country stood at $6,179/ton.

The price of black pepper Kuching ASTA in Malaysia maintained stability at $ 4,900/ton; while the price of white pepper ASTA in this country still stood at $ 7,300/ton.

For the Brazilian market, the price of black pepper ASTA 570 remained at $ 4,500/ton.

In Vietnam, the export price of black pepper, grades 500 and 550 g/l, remained at $ 4,200 and $ 4,300/ton, respectively. Meanwhile, the export price of white pepper remained at $ 6,000/ton.

The world pepper price today remains unchanged as the market is still awaiting exports from major producing countries, especially Vietnam.

Recently, the Agency of Foreign Trade (Ministry of Industry and Trade) forecasted that pepper prices in producing countries would continue to stay high due to increasing demand, while the supply from Indonesia, Brazil, Malaysia, and Cambodia is insufficient to offset the reduced exports from Vietnam.

Currently, consumers worldwide are willing to pay high prices for high-quality pepper. Markets such as the United States, the European Union, and the Middle East are increasing their demand for products that meet sustainability criteria in social, environmental, and economic aspects throughout the supply chain.

Meanwhile, in countries with large pepper yields, Brazil has passed its harvest season, Vietnam is entering its season, while the main harvests in Indonesia and Malaysia occur in July each year.

Nedspice Group forecasts that global pepper production will reach about 465,000 tons in 2024, a decrease of 6,000 tons compared to the previous year. Additionally, global pepper consumption is expected to reach 529,000 tons, exceeding production by 64,000 tons. This will lead to a decrease in inventory to the lowest level in six years.

Thus, the world pepper price on 04/16/2024 remains stable compared to yesterday.

Pepper price on April 16 domestically

Specifically, in Dak Lak and Dak Nong provinces, pepper is still traded at VND 90,000/kg;

The price of pepper in Gia Lai province remains at VND 89,000/kg;

Traders in Dong Nai province continue to purchase at VND 89,000/kg;

The latest pepper price in Ba Ria - Vung Tau province stays at VND 89,500/kg;

Meanwhile, traders in Binh Phuoc province continue to trade pepper at VND 89,500/kg.

The domestic pepper price today shows no new fluctuations, with the highest level remaining at VND 90,000/kg in Dak Lak and Dak Nong provinces.

According to VPSA, Vietnam's harvesting season is currently underway, so the phenomenon of hoarding to drive prices up is unlikely to occur in the near future.

However, pepper prices are forecasted to remain high. This year's early harvest due to early hot weather from El Nino is expected to end by the end of March. The actual harvested volume is lower than VPSA's estimates, estimated to be only 140-150 thousand tons.

Also according to VPSA, Vietnam supplies about 50% of the global pepper production, but due to a significant decrease in cultivation area, Vietnam's pepper output in 2024 may be at its lowest level in many years.

According to Nedspice Group, Vietnam's harvested pepper volume this year is around 157,000 tons, a 15% decrease compared to last year. In recent years, new pepper planting in Vietnam has been minimal, and many trees are ageing. At the same time, the pepper cultivation area has been narrowed and replaced by other crops that bring better income, such as durian.

Thus, the domestic pepper price on 04/16/2024 is trading around VND 89,000 - 90,000/kg.