Pepper price today October 31, 2024: Market is improving, Vietnamese pepper exports to UAE increase sharply. (Source: Food and Wine)

Pepper prices today, October 31, 2024, in the domestic market turned to increase in some key localities, trading from 143,000 - 144,500 VND/kg.

Specifically, pepper price today in Gia Lai is at 143,000 VND/kg.

Pepper prices today in the provinces of Dong Nai (143,000 VND/kg); Dak Lak (144,500 VND/kg); Dak Nong (144,500 VND/kg); Ba Ria - Vung Tau (144,000 VND/kg) and Binh Phuoc (143,000 VND/kg).

Thus, ending the downward trend, domestic pepper prices today turned to increase in key growing areas, increasing by 1,000 - 1,500 VND/kg. The highest pepper price is at 144,500 VND/kg.

According to the General Department of Customs, in the first 9 months of this year, the United Arab Emirates (UAE) rose to become Vietnam's second largest pepper export market after the US market, with a volume of 12,944 tons, worth 68.5 million USD, up 39.3% in volume and 2.1 times in value compared to the same period last year.

The UAE's market share in Vietnam's total pepper exports increased to 6.5% from 4.5% in the same period. The average pepper export price to this market in the first 9 months of the year reached 5,290 USD/ton, 56.7% higher than the same period last year.

With the Vietnam - UAE Comprehensive Economic Partnership Agreement (CEPA) just signed on October 28, the Vietnamese pepper industry is facing a great opportunity to further increase export turnover to this market.

According to the Ministry of Industry and Trade, agricultural products such as cashew nuts, pepper and honey will have a stronger opportunity to penetrate the UAE and Middle East markets thanks to reduced tariffs. Moreover, this is a region with great demand for high-quality agricultural products, especially clean and organic products as well as Halal certified products.

Last week, the international pepper market experienced many fluctuations in a rather negative direction when no country recorded an increase.

At the end of the most recent trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 6,668 USD/ton, down 0.19%; the price of Brazilian black pepper ASTA 570 at 6,400 USD/ton; the price of Kuching black pepper (Malaysia) ASTA at 8,500 USD/ton.

Muntok white pepper price is 9,128 USD/ton, down 0.2%; Malaysian ASTA white pepper price is at 11,000 USD/ton.

Vietnamese black pepper price is traded at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price at 9,500 USD/ton. IPC continues to adjust down the price of Indonesian pepper.