Pepper price today November 15, 2024: Continued decrease due to weak purchasing power

Domestic pepper price on November 15, 2024

Specifically, Dak Lak pepper price was purchased at 138,000 VND/kg, slightly down 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,000 VND/kg, slightly down 500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 138,500 VND/kg.

In the Southeast region, pepper prices today decreased slightly by 500 to 1,000 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 137,500 VND/kg, down 500 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 138,000 VND/kg.

Binh Phuoc Provincial People's Committee has just issued Plan No. 325/KH-UBND to develop key industrial crops (coffee, rubber, cashew, pepper) by 2030 in the province.

For pepper, the target by 2030 is to have over 30% of the area planted according to GAP or equivalent processes, and about 20% of the area assigned a growing area code. The province also aims to improve technology to ensure international quality standards such as ASTA, ESA, and JSSA.

Regarding processing, about 30% of pepper output will be deeply processed into products such as white pepper, ground pepper and other refined products. Of which, black pepper accounts for 70% (20% ground pepper), white pepper accounts for 30% (over 25% ground pepper).

Binh Phuoc has made much progress in organic pepper cultivation, with many farming households successfully converting, achieving high productivity, good quality, and protecting the environment, thereby enhancing the position of Binh Phuoc pepper.

In key pepper growing areas such as Loc Ninh and Bu Dop, the organic pepper model has developed strongly, bringing higher productivity and selling prices. Mr. Nguyen Van Ha, Chairman of the Farmers’ Association of Loc Hiep Commune, shared that organic farming has improved income and quality of life for people.

Mr. Hoang Ngoc Anh, Chairman of the Farmers’ Association of Loc Ninh District, emphasized the need to continue promoting and supporting farmers to maintain this sustainable model. Organic pepper products need to ensure quality to build and protect the “Loc Ninh Pepper” brand in the market.

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 6,514 USD/ton (down 0.06%), and the price of Muntok white pepper at 9,116 USD/ton (down 0.07%).

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.

According to Ptexim’s latest monthly report, pepper prices have increased by more than 70% since the beginning of the year. In October 2024 alone, domestic pepper prices decreased slightly by 0.7% due to a decrease in purchasing power from major markets such as the US, EU, and China.

Vietnam’s pepper is mainly for export, and the reduced supply is the main reason for the high price. Previously, farmers often brought their products to agents or businesses to consign or sell immediately after drying. However, in recent years, farmers have rarely consigned through agents, making it difficult for exporters to know exactly how much pepper they have. This also contributes to the increase in pepper prices.

It is expected that in early 2025, Vietnam's pepper exports will have many advantages thanks to the expected sharp increase in demand from the Chinese market. Meanwhile, after the recent harvest in Indonesia, the world pepper supply will not be significantly supplemented until February 2025. This is a great advantage when Vietnam enters the new pepper harvest in 2025.