Pepper price today August 9, 2024: Continuing to plummet, the Vietnamese pepper industry may benefit from price. (Source: Times of India)

Pepper prices today, August 9, 2024, in the domestic market continued to decrease in key localities, trading from 135,000 - 137,000 VND/kg.

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

Pepper prices today in the provinces of Dong Nai (136,000 VND/kg); Dak Lak (137,000 VND/kg); Dak Nong (137,000 VND/kg); Ba Ria - Vung Tau (136,000 VND/kg) and Binh Phuoc (135,000 VND/kg).

Thus, domestic pepper prices continued to decrease in key localities today, with a decrease of VND2,000/kg across the board. This is the third consecutive day of decline in the market. The highest pepper price is at VND137,000/kg.

According to VPSA, although pepper export output in the first 7 months of 2024 decreased slightly by 2.2%, due to high export prices, export turnover increased by 40.8% over the same period.

In the first 7 months of 2024, Vietnam exported 164,357 tons of pepper of all kinds; of which, black pepper reached 145,330 tons and white pepper reached 19,027 tons. 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%.

The average export price of black pepper in the first 7 months reached 4,568 USD/ton, up 32.7%; white pepper reached 6,195 USD/ton, up 25% over the same period last year.

Mr. Le Duc Huy, General Director of Dak Lak 2/9 Import-Export Company Limited - Simexco, said that Vietnam's inventory is about 30%, equivalent to 50,000 - 55,000 tons.

The Import-Export Department believes that the Vietnamese pepper industry will benefit from price increases in the coming time due to scarce supply. This could also open up opportunities for Vietnam to increase its market share and further consolidate its position in key markets such as the US, China and Europe.

According to the Vietnam Pepper and Spice Association (VPSA), the shortage of supply will cause pepper prices to continue to fluctuate abnormally in the coming time, as on June 11, when the price increased sharply by VND20,000/kg in the morning but dropped sharply again in the afternoon.

However, Mr. Huy said that in the first half of this year, Vietnam's traditional purchasing markets imported a large amount of pepper. This means that they are not in a hurry to buy more goods and are waiting.

Therefore, he believes that although the supply shortage continues, pepper prices will hardly increase as sharply as at the beginning of the 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 7,211 USD/ton; 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 8,836 USD/ton; Malaysian ASTA white pepper price is at 10,400 USD/ton.

Vietnamese black pepper prices are trading at 6,000 USD/ton for 500 g/l; 6,600 USD/ton for 550 g/l; and 8,800 USD/ton for white pepper. These prices remain unchanged from the previous day.