Pepper price today 8/8/2024: Continuing the downward trend, Vietnam's pepper export price is the highest in 7 years. (Source: indigo-herbs.co.uk)

Pepper prices today, August 8, 2024, in the domestic market continued to decline in key localities, trading from 137,000 - 139,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 139,000 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 (137,000 VND/kg).

Thus, domestic pepper prices continued to decrease sharply in key localities today, with a decrease of 1,000 - 4,000 VND/kg. The highest pepper price was at 139,000 VND/kg.

According to the General Department of Customs, in the second quarter of 2024, Vietnam's pepper exports reached 84,609 tons, worth 394 million USD, up sharply by 49% in volume and 67.1% in value compared to the first quarter, and up 10.5% in volume and 57.5% in value compared to the second quarter of last year.

Thus, in the first 6 months of the year, pepper exports reached 141,392 tons with a revenue value of 629.9 million USD, compared to the same period last year, down 7.4% in volume but up 30% in value thanks to high prices.

The average export price of pepper in the second quarter reached 4,657 USD/ton, up 12.1% compared to the first quarter and up 42.5% compared to the second quarter of 2023. In the first 6 months of the year, it increased by 40.7% over the same period to 4,455 USD/ton. In June alone, the export price of pepper reached 5,058 USD/ton, the highest level recorded in the past 7 years (since June 2017).

Vietnam Pepper and Spice Association (VPSA) said that in the first 6 months of 2024, Vietnam's pepper exports to China decreased while other markets increased sharply by double to triple digits.

China has fallen from No. 1 to No. 5 in the list of Vietnam's largest pepper exporters with a volume of 7,451 tons, worth 20 million USD, a sharp decrease of 85.2% in volume and 81.7% in value compared to the same period last year. China's market share also narrowed to 5.2% compared to 33% in the same period last year.

According to VPSA, in 2024, the economy will grow lower than expected, people's spending needs will tighten, or inventory levels will still be sufficient, which are some of the reasons why China will continue to limit pepper purchases from Vietnam.

In addition, the increase in pepper prices in the domestic market is not as expected due to low demand from the Chinese market. Currently, pepper prices in the Chinese market are lower than those in Vietnam, which may be the main reason for the restriction on pepper imports from Vietnam.

In the world market, in the most recent trading session, the International Pepper Community (IPC) updated pepper prices as follows:

Indonesian Lampung black pepper price increased slightly by 0.49% to 7,211 USD/ton; similarly, Muntok white pepper price also increased slightly by 0.49% to 8,836 USD/ton.

Brazilian black pepper ASTA 570 price fell sharply by 5.19% to 6,400 USD/ton.

The price of Malaysian ASTA black pepper remained stable at 8,500 USD/ton; the price of this country's ASTA white pepper also remained stable at 10,400 USD/ton.

Prices of all types of pepper in Vietnam remain stable. Of which, the price of Vietnamese black pepper 500 gr/l is 6,000 USD/ton; 550 gr/l is 6,600 USD/ton.

Similarly, Vietnam's white pepper price also remained stable at USD 8,800/ton.