Pepper price today December 31, 2024: Mixed increase and decrease, pepper export to China increases again
Today's domestic pepper price on December 31 is at 146,500 - 147,000 VND/kg. It is expected that in 2025, pepper exports to China will increase again due to crop failure.
Domestic pepper prices today
The highest pepper purchase price in key pepper growing regions (Dak Lak, Lam Dong, Gia Lai, Dak Nong, Ba Ria - Vung Tau, Binh Phuoc) was recorded at 147,000 VND/kg.
Specifically, in Dak Nong, Dak Lak, and Ba Ria - Vung Tau provinces, pepper price is at 147,000 VND/kg.
In Gia Lai, pepper price is 146,000 VND/kg. Decreased 500 VND/kg compared to yesterday.
In Binh Phuoc and Dong Nai, pepper price today is at 147,000 VND/kg. An increase of 500 VND/kg compared to yesterday.
Thus, pepper prices today fluctuate in many key provinces, in the domestic market, currently the lowest price is 146,000 VND/kg.
As of December 15, 2024, Vietnam exported nearly 242,000 tons of pepper, earning 1.26 billion USD, far exceeding the 910.5 million USD figure of 2023, although output decreased by about 24,000 tons.
The average export price in the first 11 months of 2024 reached 5,198 USD/ton, up 53.3% over the same period in 2023. This is the highest level since 2017, putting pepper in the group of billion-dollar agricultural export products.
The pepper industry has overcome a difficult period after the 2015 crisis, when prices plummeted to VND36 million/ton in 2019, losing 85% of its value compared to its peak.
It is forecasted that in the next 3-5 years, global pepper production will not be enough to meet demand. Experts say pepper prices may continue to increase in a 10-15 year cycle, with prices reaching 350,000-400,000 VND/kg.
World pepper prices today
In the world market, based on quotes from exporting enterprises and export prices in various countries, the International Pepper Association (IPC) updated the prices of all types of pepper traded in the international market on December 31 (local time) as follows:
Indonesia's Lampung black pepper price remained unchanged from yesterday at USD 6,855/ton (up 0.55%). Meanwhile, Muntok white pepper price remained unchanged from yesterday at USD 8,970/ton (up 0.55%).
Brazilian black pepper ASTA 570 price remained unchanged from yesterday at USD 6,275/ton.
Malaysia’s ASTA black pepper price remained unchanged from yesterday at $8,500/ton. Meanwhile, the country’s ASTA white pepper price also remained unchanged from yesterday at $10,700/ton.
Prices of all types of Vietnamese pepper remained unchanged compared to yesterday. Of which, the price of Vietnamese black pepper 500 gr/l reached 6,400 USD/ton; 550 gr/l reached 6,700 USD/ton.
Similarly, Vietnam's white pepper price remained unchanged from yesterday at 9,600 USD/ton.
According to the China Customs Administration, in the 11 months of 2024, the country imported 9,677 tons of pepper, worth 54.4 million USD, up 15.1% in volume and 42.1% in value over the same period in 2023.
Indonesia was the largest supplier, reaching 5,141 tonnes, up 41.7% and accounting for 56.2% of the market share. Vietnam ranked second with 3,021 tonnes, up 3.8% and accounting for 31.2%. Together, the two countries met 87.5% of China's pepper demand.
Pepper export prices to China from Indonesia and Vietnam reached 5,175 USD/ton and 5,065 USD/ton, respectively, up 19.8% and 30% over the same period in 2023.
According to VPSA, the total amount of pepper exported from Vietnam to China (including official and unofficial channels) only reached 9,661 tons, down 83.6% over the same period.
This result caused China to fall from number one to number six in the list of Vietnam’s largest pepper export markets. China’s share also decreased from 24% to 4.1% in Vietnam’s total pepper exports.
