Pepper price on 11/6/2023: Highest price at VND 68,000/kg

Pepper prices on 11/6 in the world

In the world, the pepper market on November 6 remained stable in all countries. 

Accordingly, the price of Lampung black pepper in Indonesia is anchored at $ 4,058/ton. The price of Muntok white pepper in this country remains at $ 6,149/ton. 

Malaysia's Kuching ASTA black pepper price remained stable at $ 4,900/ton; This country's ASTA white pepper is still priced at $ 7,300/ton. 

For the Brazilian market, the price of ASTA 570 black pepper remained at $ 3,100/ton.

In Vietnam, export prices of 500 and 550 g/l black pepper are at $ 3,500 and $ 3,600/ton, respectively. The export price of white pepper remained at $ 5,100/ton. 

World pepper prices continue to move sideways. Last week, the Indian pepper market price tended to decrease. In Indonesia, domestic and international pepper prices continue to be reported at negative levels.  

Indonesia's domestic and export pepper prices continue to decrease. Malaysian domestic pepper prices recorded a decrease in the past 3 weeks, while export prices remained unchanged.

Thus, world pepper prices on 11/6/2023 are flat compared to yesterday.

Pepper prices on 11/6 in the country

Domestically, the pepper market on 11/6 had no new fluctuations compared to yesterday.

Specifically, Dak Lak and Dak Nong continue to purchase at VND 67,000/kg;

In Gia Lai, pepper prices are still trading at VND 65,500/kg;

In Dong Nai, traders are purchasing at a price of VND 66,000/kg;

The latest pepper price in Ba Ria - Vung Tau remains at VND 68,000/kg;

Binh Phuoc continues to trade pepper at around VND 67,500/kg.

Domestic pepper prices today moved sideways, holding the highest level of VND 68,000/kg. Last week, the domestic market price continued to decline and down VND 500 - 1,000/kg.

Recently, the Vietnam Pepper Association (VPA) said that pepper output in the 2023/24 crop year is expected to decrease by 10-15%, down to 160-165 thousand tons due to the trend of switching to growing other more economically effective fruit trees.

Typically in Dak Lak province, some businesses said that the planting area is mainly concentrated in Cu Kuin, Ea Hleo, Chu M'gar, Krong Nang. People grow a lot of durian because pepper ages and dies and people don't replant them. In many places, people are hesitating whether to switch to growing durian or coffee after the 2024 harvest.

According to a survey of VPA member businesses, Dak Lak still has 30 - 70% of its area depending on the region. In Dak Nong, the garden situation is still in good condition, but the planting area has shrunk, with a lot of coffee and durian mixed in. 

The decrease in area is expected to impact pepper prices early next year. Mr. Le Duc Huy - General Director of Dak Lak 2-9 Import-Export Company Limited (Simexco) commented that a price of VND 85,000 - 90,000/kg in 2024 is feasible.

He explained that not only Vietnam but also the output of many years of pepper growing in India and Brazil is forecast to be unsatisfactory due to the bad weather pattern affected by El Nino. Meanwhile, in the first quarter of 2024, purchases from Western countries may accumulate at the same time due to depleted inventories. This will help push domestic pepper prices back up. 

Recently, the purchasing volume of import companies has slowed down due to concerns about economic recession. In the third quarter of this year, Vietnam exported a total of 53,359 tons of pepper, valued at $ 199.3 million, an increase of 4.7% in volume but a decrease of 5.4% in value compared to the third quarter of last year.

Thus, the domestic pepper price on 11/6/2023 is trading around VND 65,500 - 68,000/kg.

$ 1 = VND 24130 - Source: Vietcombank