Pepper prices on 04/20/2024: Heat up by up to VND 3,000/kg

Pepper prices on April 20 globally

In the global market, pepper prices on April 20 reverted to a decline in Indonesia but remained unchanged in other countries.

Specifically, the price of black pepper in Lampung, Indonesia, decreased by 0.64%; reaching $ 4,562/ton. Meanwhile, the price of white pepper in Muntok, Indonesia, dropped significantly by 0.63%; standing at $ 6,025/ton.

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

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

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

The world pepper price on April 20, experienced a significant decrease in Indonesia and remained stable in other markets.

In 2023, the EU imported pepper from external sources totalling 50.26 thousand tons, valued at EUR 217.36 million (equivalent to $ 235.64 million), representing a decrease of 20.4% in volume and 30.4% in value compared to 2022. The main sources of pepper imports for the EU include Vietnam, Brazil, India, Indonesia, and Sri Lanka.

EU imports of pepper from Brazil reached 9.29 thousand tons, valued at EUR 32.99 million (equivalent to $ 35.76 million), down by 39.2% in volume and 45.8% in value compared to 2022.

Brazil's pepper market share in the EU's total imports from the world decreased from 10.31% in 2022 to 7.56% in 2023. Regarding the intra-bloc market, in 2023, the EU imported pepper from intra-bloc markets totalling 31.53 thousand tons, valued at approximately EUR 191.59 million (equivalent to $ 207.7 million), down by 6.8% in volume and 4.3% in value compared to 2022. The EU mainly imported pepper from intra-bloc markets such as Germany, the Netherlands, France, Spain, and Belgium.

Thus, the world pepper price on 04/20/2024 decreased in Indonesia compared to the previous day.

Pepper prices on April 20 domestically

In the domestic market, the pepper market on April 20 continued its strong upward trend compared to yesterday.

Specifically, in Dak Lak and Dak Nong provinces, pepper prices increased by an additional VND 2,000/kg, reaching VND 97,000/kg.

In Dak Nong province, pepper prices surged by VND 2,000/kg today, reaching VND 95,000/kg.

The price of pepper today in Gia Lai province increased by an additional VND 2,500/kg, reaching VND 94,500/kg.

Similarly, traders in Dong Nai province raised their purchasing price to VND 94,500/kg.

The latest pepper price in Ba Ria - Vung Tau province jumped to VND 97,000/kg, an increase of VND 3,000/kg.

Meanwhile, traders in Binh Phuoc province also increased their pepper price to VND 97,000/kg, up by VND 3,000/kg.

The price of pepper in the domestic market today has increased by an additional VND 2,000 - 3,000/kg, bringing this agricultural product to the threshold of VND 97,000/kg. This marks the fifth consecutive session of rising domestic pepper prices.

According to data from the General Department of Customs, Vietnam's pepper exports in March 2024 reached approximately 25.9 thousand tons, valued at $ 111.6 million, up 93% in volume and 105% in value compared to February. Compared to March 2023, there was a decrease of 27.5% in volume but an increase of 4.8% in value.

Overall, in the first quarter of 2024, Vietnam's pepper exports reached 57 thousand tons, valued at $ 236 million, down 25% in volume but up 1% in value compared to the same period in 2023.

In March, the average export price of Vietnamese pepper reached $ 4,305/ton, up 6.3% compared to February and a significant increase of 44.5% compared to March 2023. For the first three months of 2024, the average export price of Vietnam's pepper reached $ 4,153/ton, up 35.5% compared to the same period in 2023.

Also in the first quarter of 2024, exports to China - Vietnam's largest pepper consumption market last year - decreased by 95.8%, reaching only 1,083 tons compared to 25,919 tons in the same period. This figure is even lower than the 2,138 tons achieved in the first quarter of 2022 when China closed due to the COVID-19 pandemic.

Despite the current downward adjustment, pepper prices are expected to remain high in the near future. Recently, the Import and Export Department forecasted that pepper prices in producing countries will continue to remain high due to increasing demand, while supply from producing countries like Indonesia, Brazil, Malaysia, and Cambodia is insufficient to compensate for the reduced exports from Vietnam.

Thus, the price of pepper in the domestic market on 04/20/2024 is trading around VND 94,500 - 97,000/kg.