Pepper prices on 07/19/2024: Stable domestically

Pepper prices on July 19 globally

In the international market, pepper prices on July 19 reversed and decreased in Indonesia.

Specifically, the price of black pepper Lampung in Indonesia decreased by 0.19%, to $ 7,209/ton. The price of white pepper Muntok from this country also slightly decreased by 0.19%, to $ 9,179/ton.

The price of black pepper Kuching ASTA in Malaysia remains at $ 7,500/ton, while white pepper ASTA from this country is priced at $ 8,800/ton.

In the Brazilian market, the price of black pepper ASTA 570 remains at $ 7,125/ton.

In Vietnam, the export price of black pepper 500 g/l is traded at $ 6,000/ton, while the 550 g/l variety is priced at $ 6,600/ton. The export price of white pepper remains at $ 8,800/ton.

Today, global pepper prices have slightly decreased in Indonesia but remain stable in other countries.

Thus, global pepper prices on 07/19/2024 saw a slight decrease in Indonesia compared to yesterday.

Pepper prices on July 19 domestically

In the domestic market, pepper prices on July 19 have not seen any new changes compared to yesterday.

Specifically, Dak Lak is still purchasing pepper at VND 148,000/kg.

The price of pepper in Dak Nong remains at VND 149,000/kg.

The price of pepper in Gia Lai is steady at VND 147,000/kg.

Traders in Dong Nai are trading pepper at VND 147,000/kg.

The price of pepper in Ba Ria - Vung Tau is stable at VND 148,000/kg.

Traders in Binh Phuoc are still trading pepper at VND 148,000/kg.

Domestic pepper prices today remain unchanged, with the highest level at VND 149,000/kg.

Vietnam's pepper exports have seen impressive growth in value during the first half of this year. According to VSPA, by the end of June 2024, Vietnam had exported nearly 143,000 tons of various types of pepper, including 126,000 tons of black pepper and nearly 17,000 tons of white pepper.

Compared to the same period last year, the export volume of pepper in the past six months decreased by 6.8%. However, due to higher export prices, the export value increased by 30.5%, reaching $ 634 million ($ 540 million for black pepper and $ 94 million for white pepper).

In the first six months of the year, the average export price of black pepper was $ 4,365/ton, and white pepper was $ 5,983/ton, an increase of $ 922/ton for black pepper and $ 1,028/ton for white pepper compared to the first six months of 2023.

Currently, pepper prices are experiencing fluctuations, but overall, they are on an upward trend. According to Mr Hoang Phuoc Binh, Vice Chairman of the Chu Se Pepper Association (Gia Lai), the main reason is that the supply of pepper in Vietnam has dwindled due to a significant decrease in production in the 2023 - 2024 crop year compared to the previous season.

According to Mr Hoang Phuoc Binh, Vice Chairman of the Chu Se Pepper Association (Gia Lai), not only this year but pepper prices are expected to remain high for many years to come, as each price increase cycle typically lasts around 10 years.

Although pepper prices are high, the potential for recovering both the area and the production of pepper is limited. This is because pepper farmers have learned from the previous price increase cycle.

Thus, domestic pepper prices on 07/19/2024, are trading around VND 147,000 - 149,000/kg.

$ 1 = VND 25.128 - Source: Vietcombank.