Pepper price today August 11, 2024: Continuing the strong increase, scarce supply creates upward pressure on market prices. (Source: thehindubusinessline)

Pepper prices today, August 11, 2024, in the domestic market continued to increase sharply in most key localities, trading from 141,500 - 142,000 VND/kg.

Specifically, pepper price today in Gia Lai is at 141,500 VND/kg.

Pepper prices today in the provinces of Dong Nai (141,000 VND/kg); Dak Lak (142,000 VND/kg); Dak Nong (141,500 VND/kg); Ba Ria - Vung Tau (141,000 VND/kg) and Binh Phuoc (141,000 VND/kg).

Thus, continuing yesterday's increase, domestic pepper prices today increased sharply in most key localities, increasing from 3,500 - 5,500 VND/kg. The highest pepper price was at 142,000 VND/kg.

The Vietnam Pepper and Spice Association (VPSA) estimates that Vietnam's pepper output in 2024 will only reach about 170,000 tons, down 10% compared to the previous year, which is also the lowest level in the past 5 years.

Meanwhile, data shows that by the end of July 2024, Vietnam had exported 164,357 tons, with a turnover of 764.2 million USD. Compared to the same period in 2023, the export volume decreased by 2.2% but the export turnover increased by 40.8%.

There are still 7-8 months left until the new pepper harvest (expected after Tet from February 2025), while the amount of goods left in the hands of people, agents and businesses is not much.

Domestic pepper supply is under pressure to decrease, plus pepper output in other countries such as Brazil and Indonesia is forecast to decrease this year. And this will continue to put pressure on pepper prices in the last months of the year.

According to VPSA, the shortage of supply will cause pepper prices to continue to have unusual fluctuations in the coming time, such as on June 11 when the price increased sharply by 20,000 VND/kg in the morning but decreased sharply again in the afternoon.

According to many sources, Vietnam's inventory is about 30%, equivalent to 50,000 - 55,000 tons. In the first 7 months of 2024, Vietnam exported 164,357 tons of pepper of all kinds. Total export turnover reached 764.2 million USD. Compared to the same period in 2023, the export volume decreased by 2.2% but the export turnover increased by 40.8%.

According to the latest meeting, the Vietnam Pepper and Spice Association said that the output of the last crop reached 170,000 tons. Thus, the export volume in the past 7 months is almost equal to the output of the whole year.

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 7,320 USD/ton, up 0.23%; the price of Brazilian black pepper ASTA 570 at 6,100 USD/ton, down 4.92%; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.

Muntok white pepper price is 8,970 USD/ton, up 0.25%; Malaysian ASTA white pepper price is at 10,400 USD/ton.

Vietnam black pepper price is trading at 5,800 USD/ton for 500 g/l; 550 g/l at 6,200 USD/ton; white pepper price is at 8,500 USD/ton. IPC continues to increase pepper price in Indonesia, decrease sharply in Brazil.

IPC commented that the pepper market this week continued to show mixed reactions, with FOB Malaysia prices reported to have the highest increase. Both domestic and international Indian pepper prices have been on an upward trend since last week.