Pepper price today November 8, 2024: Strong increase again to 3,500 VND/kg
Pepper price today, November 8, 2024, is around 138,000 - 139,000 VND/kg, a sharp increase of 2,500 to 3,500 VND/kg compared to yesterday. This price increase is just an adjustment after a day of decline due to the high USD exchange rate.
Domestic pepper price on November 8, 2024
Specifically, Dak Lak pepper price was purchased at 138,500 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 138,000 VND/kg, an increase of 2,500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 139,000 VND/kg.
In the Southeast region, pepper prices today increased sharply from 3,000 to 3,500 VND/kg compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 139,000 VND/kg, a sharp increase of 3,500 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 138,000 VND/kg.
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change from yesterday (Unit: VND/kg) |
| Dak Lak | 138,500 | +2,500 |
| Gia Lai | 138,000 | +2,500 |
| Dak Nong | 139,000 | +3,000 |
| Ba Ria - Vung Tau | 139,000 | +3,500 |
| Binh Phuoc | 138,000 | +3,000 |
| Dong Nai | 139,000 | +3,500 |
Recently, the domestic pepper market has shown signs of increasing prices higher than actual supply and demand. According to experts, pepper prices are currently being adjusted to reflect the real value at this time. This is a necessary adjustment to rebalance the market.
In the international market, Southeast Asian countries are also witnessing a decrease in pepper prices due to the impact of the strong increase in the US dollar. Forecasts show that Vietnam's pepper output will reach about 170,000 tons in the upcoming harvest, accounting for 35-40% of the global supply. Therefore, pepper prices in the world may fluctuate strongly, especially when pepper enters a new price increase cycle lasting 10-15 years, with prices likely to reach 300,000 VND/kg.
The demand for pepper consumption during the year-end holiday season is forecast to be a positive driving force to help keep pepper prices high. With stable prices, Vietnam's pepper exports are expected to remain stable in the last months of 2024, bringing benefits to producers and exporters.
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 6,634 USD/ton (down 0.47%), and the price of Muntok white pepper at 9,082 USD/ton (down 0.47%).
The price of Brazilian ASTA 570 black pepper was at USD 6,300/ton (down 1.59%). 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 international market, global pepper prices are falling due to the impact of the rising USD and the US presidential election. The world pepper market is forecast to have an average growth rate of about 20% in the period 2024-2032. In the country, the coffee harvest has begun, forcing many farmers to sell pepper to raise capital, increasing pressure to reduce domestic pepper prices.
According to preliminary data from the Vietnam Pepper and Spices Association, in October 2024, Vietnam exported 18,493 tons of pepper, including 15,939 tons of black pepper and 2,554 tons of white pepper. Total export turnover reached 120.2 million USD, of which black pepper reached 99.8 million USD and white pepper reached 20.4 million USD. Export volume increased by 7.9% compared to the previous month but decreased by 3.6% compared to the same period last year. The average export price of black pepper was 6,284 USD/ton (down 28 USD), while white pepper was 8,029 USD/ton (up 191 USD).
The US continued to be the largest export market in October, accounting for 27.7% of total exports, reaching 5,128 tonnes, down 8.5% from September. The next largest markets were Hong Kong (1,784 tonnes), the UAE (1,382 tonnes), the Netherlands (1,000 tonnes), and Germany (960 tonnes). Olam was the largest exporter with 2,595 tonnes, accounting for 14.0% of total exports, followed by Nedspice Vietnam (1,878 tonnes), Phuc Sinh (1,605 tonnes), Tran Chau (1,397 tonnes), and Lien Thanh (1,202 tonnes).
