Pepper price today September 21, 2024: Domestic prices increase and decrease in opposite directions
Pepper price today September 21, 2024 is in the range of 149,000 - 152,000 VND/kg, today's pepper price fluctuates from 500 to 1,000 VND/kg in localities.
Domestic pepper price on September 21, 2024
Specifically, Dak Lak pepper price was purchased at 152,000 VND/kg, an increase of 1,000 VND/kg compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 149,000 VND/kg, a slight increase of 500 VND/kg compared to yesterday. Dak Nong pepper price today was recorded at 150,000 VND/kg.
In the Southeast region, pepper prices today decreased sharply compared to yesterday. Specifically, in Ba Ria - Vung Tau, it is currently at 149,000 VND/kg, a sharp decrease of 1,000 VND/kg compared to yesterday; in Binh Phuoc, pepper prices today are at 149,000 VND/kg.
Domestic pepper price list September 21, 2024
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change from yesterday (Unit: VND/kg) |
| Dak Lak | 152,000 | +1,000 |
| Gia Lai | 149,000 | +500 |
| Dak Nong | 150,000 | -1,000 |
| Ba Ria - Vung Tau | 149,000 | -1,000 |
| Binh Phuoc | 149,000 | -1,000 |
| Dong Nai | 149,000 | -1,000 |
The US Federal Reserve's monetary policy has been adjusted after four years, affecting not only the US economy but also opening up opportunities for industries, including Vietnam's pepper industry.
The reduction of the basic interest rate to 0.5%, currently at 4.75-5%, has boosted consumer demand in the US and increased pepper exports from Vietnam to this market. This interest rate reduction is expected to have a major impact on the global pepper market, as the US is the leading pepper importer.
Lower interest rates lead to lower borrowing costs, allowing businesses to invest in new projects and hire more staff, while consumers tend to spend more when savings interest rates are no longer attractive. At the same time, the US market is also a major export destination for Vietnamese pepper, increasing the accessibility and expansion of this product.
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 7,589 USD/ton, and the price of Muntok white pepper at 9,154 USD/ton.
The price of Brazilian ASTA 570 black pepper was at USD 7,000/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,800/ton; the price of this country's ASTA white pepper reached USD 10,900/ton.
Vietnamese black pepper prices today are stable at a high level, trading at 6,800 USD/ton for 500 g/l; 550 g/l at 7,100 USD/ton; white pepper prices at 10,150 USD/ton.
In August, Vietnam exported an unprecedented amount of pepper to the United States, with a total of 8,570 tons, worth 52.7 million USD. Compared to the previous month, this figure jumped 45.1% in volume and 52.4% in value.
Compared to the same period last year, the export volume increased by 90.6%, and the value increased by 2.9 times. In the first 8 months of the year, the amount of pepper exported to the United States reached 51,802 tons, with a value of up to 258.3 million USD, an increase of 53.5% in volume and 90.9% in value compared to the same period in 2023.
The US market accounts for 28.3% of Vietnam's total pepper exports, a significant increase compared to 18% last year. The average pepper selling price to the US in the past 8 months increased by 24.3%, reaching 4,986 USD/ton. Vietnam continues to maintain its position as the leading pepper supplier to the US, accounting for about 80% of the country's total pepper imports.