Pepper prices on 06/22/2024: Slight increase of VND 1,000

Pepper prices on June 22 globally

Globally, the pepper market on June 22 has shown a slight downward trend in several countries.

Specifically, the price of black pepper from Lampung, Indonesia, decreased by 0.23% to $ 7,772/ton. The price of white pepper from Muntok, Indonesia, also fell by 0.23% to $ 9,691/ton.

The price of black pepper Kuching ASTA from Malaysia remained steady at $ 7,500/ton, while white pepper ASTA from Malaysia is priced at $ 8,800/ton.

In Brazil, the price of black pepper ASTA 570 dropped by 1.33% to $ 7,500/ton.

In Vietnam, the price of 500 g/l black pepper for export decreased by 20% to $ 6,500/ton, while the 550 g/l variety dropped significantly by 15.94% to $ 6,900/ton. The price of white pepper for export fell to $ 9,700/ton, a decrease of 23.71%.

World pepper prices today are showing a slight decline in Indonesia and Brazil and a significant drop in Vietnam's export prices.

According to IPC, this week's pepper market has exhibited mixed reactions. While India has reported continued price increases domestically and internationally for the past five weeks, pepper prices in Southeast Asian countries have seen decreases.

Thus, global pepper prices on 06/22/2024, have decreased slightly compared to yesterday.

Pepper prices on June 22 domestically

Domestically, pepper prices on June 22 have increased by VND 1,000 compared to yesterday:

In Dak Lak, pepper continues to be bought at VND 160,000/kg.

Similarly, in Dak Nong, trading has reached VND 161,000/kg.

Prices in Gia Lai have seen a slight rise, maintaining at VND 157,000/kg.

Traders in Dong Nai are purchasing pepper at VND 157,000/kg.

Ba Ria-Vung Tau has seen an increase of VND 1,000, bringing prices to VND 158,000/kg.

In Binh Phuoc, traders have set prices at VND 156,000/kg.

Today, domestic pepper prices are mostly stable in Dak Lak but have seen a slight increase of VND 1,000 in other key regions. Currently, the price of this agricultural product has reached VND 161,000/kg.

This year, pepper prices have unexpectedly surged, entering the second price boom in history. Many countries are purchasing double or triple the usual amount, driving Vietnam's pepper prices to unprecedented heights.

According to experts, pepper has officially entered a new price cycle after a period of stagnation. Remarkably, this price surge could last for more than a decade, potentially pushing prices to as high as VND 200,000/kg.

Mr Hoang Phuoc Binh, Vice Chairman and Permanent Secretary of the Pepper Association in Chu Se, Gia Lai province, analyzed that Vietnam is a leading pepper exporter, accounting for 60% of global exports. However, acreage and production have been declining in recent years, leading to a continuing trend of rising prices due to the shortfall in pepper supply compared to demand.

Mr Binh also assessed that this is the beginning of a price hike cycle, expected to last about 10 years. Concurrently, current pepper prices are not yet attractive enough for farmers to resume cultivation. This is because regions suitable for growing pepper were previously used for durian and coffee cultivation, which are currently fetching very good prices.

Thus, domestic pepper prices on 06/22/2024, are trading around VND 156,000 - 161,000/kg.

$ 1 = VND 25.218 - Source: Vietcombank