Pepper price today October 31, 2024: Stable below 145,000 VND/kg

Domestic pepper price on October 31, 2024

Specifically, Dak Lak pepper price was purchased at 144,500 VND/kg, unchanged from yesterday. Chu Se pepper price (Gia Lai) was purchased at 143,000 VND/kg, unchanged from yesterday. Dak Nong pepper price today was recorded at 144,500 VND/kg.

In the Southeast region, pepper prices today are stable compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 144,000 VND/kg; in Binh Phuoc, pepper prices today are at 143,000 VND/kg.

Since the beginning of the year, Vietnam's average pepper export price has reached 5,005 USD/ton, up 50.1% over the same period last year. Export turnover reached 1.04 billion USD, marking the first time in 8 years that pepper export turnover has exceeded the 1 billion USD mark. This is an important achievement for the Vietnamese pepper industry.

According to data from the General Department of Customs, in the first 15 days of October, the average export price of pepper exceeded 6,500 USD/ton, up 0.7% compared to the previous month and 67.6% compared to the same period last year. This is the highest price in nearly 8 years, since March 2017. This shows the high demand from the international market for Vietnamese pepper.

In the short term, the pepper market is likely to continue to fluctuate, with prices likely to stabilize or decline slightly as supply remains limited and demand has yet to recover strongly. However, in the long term, when the global economy stabilizes and climate change response solutions are effectively implemented, the pepper industry is expected to recover and grow.

According to the Vietnam Pepper and Spice Association (VPSA), some pepper gardens in Ba Ria - Vung Tau have entered the fruiting stage and are expected to be harvested in mid-January 2025, opening up new prospects for the industry next year.

World pepper price today

Update on world pepper prices from the International Pepper Community (IPC), at the end of the most recent trading session, IPC listed the price of Indonesian Lampung black pepper at 6,668 USD/ton (down 0.19%), and the price of Muntok white pepper at 9,128 USD/ton (down 0.2%).

The price of Brazilian ASTA 570 black pepper was at USD 6,400/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,500/ton; the price of this country's ASTA white pepper reached USD 11,000/ton.

Vietnamese black pepper prices today are stable at a high level, trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper prices at 9,500 USD/ton.

In the first nine months of this year, the UAE became Vietnam’s second largest pepper export market, after the US, with a total volume of 12,944 tonnes and a value of US$68.5 million, according to data from the General Department of Customs. This significant growth was reflected in a 39.3% increase in volume and 2.1 times in value compared to the same period last year.

The proportion of pepper exports to the UAE increased from 4.5% to 6.5%, with the average export price reaching 5,290 USD/ton, 56.7% higher than before. The sharp increase in market share and value shows the growing demand of this market for pepper products from Vietnam.

The signing of the Comprehensive Economic Partnership Agreement (CEPA) between Vietnam and the UAE on October 28 opens up great opportunities for the Vietnamese pepper industry. The Ministry of Industry and Trade believes that thanks to preferential tax policies, agricultural products such as cashew nuts, pepper and honey will more easily penetrate the UAE market and the Middle East region, where there is high demand for organic products and Halal certification. This is also the first free trade agreement between Vietnam and an Arab country, marking a new step forward in economic relations between the two countries when the UAE commits to eliminating taxes for 99% of export turnover from Vietnam, and vice versa, Vietnam eliminates taxes for 98.5% of turnover from the UAE.