Pepper price today October 14, 2024: Sharp decrease due to high USD
Pepper price today October 14, 2024 is around 143,000 - 144,000 VND/kg, today's pepper price is stable compared to yesterday. The high USD in the world market reduces the export price of pepper.
Domestic pepper price on October 14, 2024
Specifically, Dak Lak pepper price was purchased at 144,000 VND/kg, stable compared to yesterday. Chu Se pepper price (Gia Lai) was purchased at 143,000 VND/kg, stable compared to yesterday. Dak Nong pepper price today was recorded at 144,000 VND/kg.
In the Southeast region, pepper prices today decreased by 3,000 VND/kg compared to last week. Specifically, in Ba Ria - Vung Tau, it is currently at 144,000 VND/kg, stable compared to yesterday; in Binh Phuoc, pepper prices today are at 144,000 VND/kg.
| Province/district (survey area) | Purchase price (Unit: VND/kg) | Change from yesterday (Unit: VND/kg) |
| Dak Lak | 144,000 | - |
| Gia Lai | 143,000 | - |
| Dak Nong | 144,000 | - |
| Ba Ria - Vung Tau | 144,000 | - |
| Binh Phuoc | 144,000 | - |
| Dong Nai | 144,000 | - |
Vietnam's pepper market is witnessing a price decline due to increased supply from Indonesia and India, forecast to increase by 5-6% in 2024. Vietnam's pepper exports to China decreased by 84.1% in the first 9 months of 2024, reflecting economic difficulties and reduced consumer demand in China.
Domestic demand for pepper has decreased due to competition from substitute products such as chili and black pepper. Traditional import markets have stopped buying pepper after importing large quantities, waiting to see what the market will do next. These factors have combined to create downward pressure on Vietnamese pepper prices recently.
In 2024, the Vietnamese pepper industry is forecast to achieve a record revenue of US$1.3 billion thanks to favorable export prices. Although domestic pepper prices have decreased, export prices remain high due to strong international demand. However, the world pepper market can change abruptly due to factors such as trade policy, weather and consumer demand.
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 6,732 USD/ton, and the price of Muntok white pepper at 9,002 USD/ton.
The price of Brazilian ASTA 570 black pepper was at USD 6,750/ton. The price of Malaysian ASTA black pepper remained stable at USD 8,700/ton; the price of this country's ASTA white pepper reached USD 11,200/ton.
Today, Vietnam's black pepper price lost up to 300 USD/ton, trading at 6,500 USD/ton for 500 g/l; 550 g/l at 6,800 USD/ton; white pepper price at 9,850 USD/ton.
The pepper market recorded notable fluctuations in week 2 of October. The Vietnam Pepper and Spice Association announced pepper export figures for September and the first 9 months of the year. In September 2024, Vietnam exported a total of 17,138 tons of pepper, including 15,232 tons of black pepper and 1,906 tons of white pepper.
Pepper export revenue in September reached 109.8 million USD, with black pepper accounting for 94.8 million USD and white pepper at 15.0 million USD. There is a difference between the Association's export figures and those from the General Department of Customs, causing total pepper export revenue in the first 9 months to fall short of 1 billion USD.
The report also pointed out that pepper exports are slowing down, and investment capital tends to shift to the coffee industry, leading to a decrease in domestic pepper prices. The high US dollar in the world market also contributed to the decrease in international pepper prices.