Pepper price on 03/17/2024: The price this week is up by VND 1,000/kg

Pepper prices on March 17 in the world

Around the world, the pepper market on March 17 simultaneously went sideways in many countries. 

Accordingly, the price of Lampung black pepper in Indonesia is anchored at $ 4,169/ton. The price of Muntok white pepper in this country remains at $ 6,171/ton. 

For the Brazilian market, the price of ASTA 570 black pepper is at $ 4,400/ton.

In Vietnam, export prices of black pepper grades 500 and 550 g/l remained at $ 4,100 and $ 4,200/ton, respectively. The export price of white pepper reached $ 5,900/ton.

World pepper prices have no new fluctuations today. This week, IPC said that only Indian pepper prices maintained a downward trend. 

Accordingly, in South Asia, India's domestic and international pepper prices recorded a decrease since the second week of February 2024. Increasing supply and weak demand have impacted the price of black pepper in the country.

Although the Sri Lankan Rupee increased sharply by 1% against USD (308.26 LKR/USD), Sri Lankan domestic prices continued to decline. 

In Southeast Asia, only Indonesian black pepper prices increased, while white pepper prices in this country have been stable since 3 weeks ago.

Due to the strong increase of 1% in the Malaysian Ringgit against the USD (4.72 MYR/USD), Malaysian domestic pepper prices have increased since last week. Meanwhile, export prices continued to be stable and unchanged. 

Prices of Brazilian black pepper, Cambodian black pepper and Chinese white pepper were stable last week. Meanwhile, black pepper and white pepper prices in the US market remained stable when export activities were limited.

Thus, world pepper prices on 03/17/2024 remain stable compared to yesterday.

Pepper prices on March 17 in the country

Domestically, the pepper market on March 17 increased by VND 500/kg compared to yesterday.

Specifically, Dak Lak and Dak Nong traded pepper up to VND 95,500/kg; 

In Gia Lai, pepper price today increased slightly to VND 93,500/kg;

In Dong Nai, traders bought pepper at a price of VND 93,500/kg;

The latest pepper price in Ba Ria - Vung Tau increased slightly to VND 95,500/kg;

Binh Phuoc traders traded pepper at VND 95,500/kg, a slight increase of VND 500.

Domestic pepper prices today increased slightly with the highest threshold being VND 95,500/kg. To summarize this week, the domestic pepper market increased unevenly. 

Accordingly, pepper prices in Dak Lak and Dak Nong remained flat, while pepper prices in Ba Ria Vung Tau and Binh Phuoc increased slightly by VND 500. Pepper prices in Dong Nai and Gia Lai increased by VND 1,000 compared to last week.

Currently, it is the time of the main pepper harvest in the Central Highlands, so throughout the villages and hamlets in Dak Lak province, everywhere you can see the busy and bustling atmosphere of farmers. In particular, with the current high price of pepper, families with pepper gardens are even more excited.

In the 2024 pepper crop, the average yield of the entire Cu Kuin district (Dak Lak province) is expected to reach about 3.2 tons/ha, with an estimated output of about 13,000 tons. 

According to Mr Nguyen Canh Danh - Deputy Head of the Department of Agriculture and Rural Development of Cu Kuin district, the peak time for pepper harvesting takes place around February every year. During the harvesting process, people always prioritize picking ripe pepper bunches to improve the productivity and quality of the garden. 

After harvest, farmers mainly use natural drying, with few households using ovens. During the consumption process, pepper-growing households mainly trade with collectors or purchasing establishments in the district, with the main product still being black pepper.

Currently, the whole district has about 50 pepper collectors and nearly 20 pepper purchasing establishments concentrated in regions with relatively large pepper areas of the district.  

Mr. Nguyen Cong Van - Vice Chairman of Cu M'gar District People's Committee said that the local pepper area and output are at the top of Dak Lak province. However, although pepper prices have increased continuously and are much higher than every year, output has decreased.

According to Mr. Van, the decrease in output is due to the decrease in pepper prices in recent years combined with the old pepper garden not being replanted, causing the growing area to decrease, thereby leading to a decrease in productivity.

Thus, the domestic pepper price on 03/17/2024 is trading around VND 93,500 - 95,500/kg.