Pepper price today November 14, 2024: Pepper price forecast for 2025 crop exceeds 160,000 VND

Domestic pepper price on November 14, 2024

Specifically, Dak Lak pepper price was purchased at 139,000 VND/kg, stable compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,500 VND/kg, slightly increased by 500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 139,000 VND/kg.

In the Southeast region, pepper prices today are stable compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 138,000 VND/kg, stable compared to yesterday; in Binh Phuoc, pepper prices today are at 139,500 VND/kg.

Vietnam’s 2025 pepper harvest is expected to be delayed by about a month, leading to a supply shortage in the market. This could contribute to an increase in pepper prices in the world market.

Mr. Hoang Phuoc Binh, Vice President of the Chu Se Pepper Association (Gia Lai), said that the domestic pepper price has decreased in recent weeks because Indonesia is in the harvest season. In addition, many agents are selling pepper in stock to prepare capital to buy coffee when the coffee season begins.

Mr. Binh predicts that the pepper price in the 2025 crop will be higher than the 2024 crop (the highest price in the 2024 crop is 160,000 VND/kg), due to the impact of the heat wave in early 2024, which reduced pepper crop productivity, causing the output in 2025 to continue to decrease.

In addition to Vietnam, pepper production is also expected to decrease in many other countries. Currently, many pepper farmers in Vietnam also have additional income from other crops such as coffee, durian... so they are not in a hurry to sell pepper immediately after harvest but wait for higher prices to sell.

World pepper prices today

Update on world pepper prices from the International Pepper Association (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,518 USD/ton (down 0.6%), and the price of Muntok white pepper at 9,122 USD/ton (down 0.6%).

The price of Brazilian ASTA 570 black pepper was at USD 6,000/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,400/ton; the price of this country's ASTA white pepper reached USD 10,500/ton.

Vietnamese black pepper prices today decreased slightly, trading 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.

The Import-Export Department (Ministry of Industry and Trade) forecasts that from now until the end of the year, Vietnam's pepper export activities will face difficulties due to limited domestic supply and low demand from China. However, the situation may improve in early 2025, when demand from this market is expected to increase.

According to data from the General Department of Customs, in October, Vietnam exported 18,415 tons of pepper, worth 120.6 million USD. Compared to the previous month, the export volume increased by 7.7% and the value increased by 9.1%. However, compared to the same period last year, the export volume decreased by 4.8%, but the value increased sharply by 65.3%.

In the first 10 months of the year, the total pepper export volume reached 218,732 tons, worth 1.11 billion USD, down 3% in volume but up 47% in value compared to the same period in 2023. Thus, after 6 years, the Vietnamese pepper industry has returned to the "billion-dollar export club". Pepper is also the agricultural product with the highest export value increase this year.

The main reason is that the average export price of pepper in the past 10 months has increased by 51.5% compared to the same period last year, reaching 5,077 USD/ton. In October alone, the average export price of pepper reached 6,548 USD/ton, up 1.4% compared to the previous month and 73.6% compared to the same period last year. This is the highest price in 8 years, since January 2017.