Pepper price today November 15, 2024: Reasons for domestic price increase, assessment of demand from the Chinese market in 2025. (Nguon Vieson)

Pepper price today, November 15, 2024 in the domestic market is stable in some key localities, trading from 138,000 - 139,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 138,500 VND/kg.

Pepper prices today in the provinces of Dong Nai (138,000 VND/kg); Dak Lak (139,000 VND/kg); Dak Nong (139,000 VND/kg); Ba Ria - Vung Tau (138,000 VND/kg) and Binh Phuoc (139,000 VND/kg).

Thus, domestic pepper prices today are stable in most key growing areas, with the only increase of 500 VND/kg recorded in Gia Lai. The highest pepper price is at 139,000 VND/kg.

Ptexim's latest monthly report stated that pepper prices have increased by more than 70% since the beginning of the year. In October 2024, the domestic market decreased slightly by 0.7%, due to a decline in purchasing power from traditional markets such as the US, the European Union (EU), China, etc.

It is expected that in early 2025, Vietnam's pepper exports will be favorable thanks to the expected sharp increase in demand from the Chinese market. Meanwhile, after Indonesia's most recent harvest, the world's pepper supply has not been significantly supplemented until February 2025. This is considered a favorable factor when Vietnam enters the new harvest in 2025.

According to data from the Indonesian Statistics Agency (BPS), Indonesia exported 8,179 tons of pepper in September, up 93 percent from the previous month and 4.2 times higher than the same period last year.

This was mainly due to a sharp increase in exports to Vietnam, which increased 3.8 times compared to the previous month and 23.5 times higher than the same period last year, reaching 3,934 tons. This is also the largest amount of pepper that Vietnam has imported from Indonesia in the past 4 years, since September 2020.

Vietnam's import price of pepper from Indonesia in September averaged 5,919 USD/ton, up 0.6% over the previous month and 41.9% over the same period last year. However, it was still lower than the average price of 6,459 USD/ton that Vietnam exported to the international market during the same period.

In the first nine months of the year, Indonesia exported 35,249 tonnes of pepper, up 85.5% year-on-year. The growth was supported by a larger black pepper crop and rising prices that prompted the liquidation of long-term stocks.

In the world market, at the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,514 USD/ton, down 0.06%; the price of Brazilian black pepper ASTA 570 at 6,000 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,400 USD/ton.

Muntok white pepper price is 9,116 USD/ton, down 0.07%; Malaysian ASTA white pepper price is at 10,500 USD/ton.

Vietnam black pepper price is traded at 6,200 USD/ton for 500 g/l; 550 g/l at 6,500 USD/ton; white pepper price at 9,400 USD/ton. IPC continues to adjust pepper price in Indonesia down.