Pepper prices on 07/14/2024: Drop sharply by VND 3,000

Pepper prices on July 14 globally

Globally, the pepper market on July 14 has not seen any new fluctuations.

The price of Lampung black pepper in Indonesia remains at $ 7,211/ton. The price of Muntok white pepper in the country is also steady at $ 9,182/ton.

The price of Kuching ASTA black pepper in Malaysia is stable at $ 7,500/ton, and ASTA white pepper is priced at $ 8,800/ton.

In Brazil, the price of ASTA 570 black pepper holds at $ 7,150/ton.

In Vietnam, the export price for 500 g/l black pepper is $ 6,000 /ton, and for 550 g/l black pepper, it is $ 6,600/ton. The export price for white pepper remains at $ 8,800/ton.

"Update on Domestic and Global Pepper Prices Latest on July 14, 2024

On the global market, pepper prices on July 14 remained stable. Overall, the global pepper market showed mixed fluctuations this week, with increases seen only in Indonesia.

One of the main factors driving the recent increase in pepper prices globally is the limited supply worldwide. Particularly, major pepper-producing countries such as Brazil and Vietnam have faced reduced yields due to the El Nino weather phenomenon.

Statistics from Brazil's Foreign Trade Statistics Center (Comex Stat) show that Brazil exported a total of 31,847 tons of pepper in the first 5 months of the year, generating revenues of $ 118.7 million, down 8% in volume but up 17.7% in revenue compared to the same period last year.

According to Vietnam Customs, pepper exports from Vietnam reached 109,330 tons by the end of May, earning $ 469 million, down 16.8% in volume but up 15.4% in value compared to the same period in 2023.

Meanwhile, China's return to purchasing has also significantly impacted pepper prices. Specifically, pepper exports to the Chinese market reached 3,137 tons in May, a 4.8-fold increase compared to the previous month and the highest level in the past 11 months.

Despite the high prices, businesses are facing difficulties in sourcing raw materials as pepper growers expect prices to continue rising. Farmers in the Central Highlands and Southeast regions, with high incomes from durian and coffee, have the financial capability to store pepper, with many willing to hold stocks for 2-3 years without rushing to sell.

Looking ahead, the Import-Export Department (Ministry of Industry and Trade) believes that pepper prices will continue to rise but at a slower pace.

Thus, global pepper prices on 07/14/2024 remained unchanged from yesterday.

Pepper prices on July 14 domestically

In the domestic market, pepper prices on July 14 continued to decrease sharply compared to yesterday.

Specifically, Dak Lak reduced by VND 3,000, purchasing pepper at VND 150,000/kg;

Dak Nong pepper prices decreased by VND 2,000, with pepper prices now at VND 151,000/kg;

Similarly, Gia Lai bought pepper at VND 150,000/kg today;

Traders in Dong Nai traded pepper at VND 150,000/kg, a decrease of VND 2,000;Pepper prices in Ba Ria - Vung Tau were at VND 151,000/kg, down VND 1,000;

Meanwhile, traders in Binh Phuoc traded pepper at VND 150,000/kg, after a decrease of VND 2,000.

The domestic pepper prices today have further decreased by VND 1,000 - 3,000, bringing this agricultural product down to around VND 151,000/kg.

Summarizing this week, domestic pepper prices have seen a sharp decline, dropping by VND 3,000 - 6,000/kg. Since reaching a peak of VND 180,000/kg on June 12, this agricultural product has experienced three significant declines within the past month, intertwined with minor fluctuations.

Compared to the peak in June 2024, domestic pepper prices have decreased by up to VND 30,000. However, this price level still remains at a record high since 2016. The stability of these high prices has brought optimism and reassurance to farmers caring for their pepper gardens.

Therefore, domestic pepper prices on 07/14/2024, are trading around VND 150,000 to VND 151,000/kg.

$ 1 = VND 25.210 - Source: Vietcombank.