Pepper prices on 08/22/2024: A sharp increase of VND 3,000

Pepper prices on August 22 globally

Globally, the pepper market on August 22 is showing a tendency to increase.

The price of black pepper from Lampung in Indonesia increased by 0.16%, reaching $ 7,537/ton. Meanwhile, the price of white pepper from Muntok in Indonesia rose by 0.15%, reaching $ 8,874/ton.

The price of black pepper from Kuching ASTA in Malaysia remained at $ 8,500/ton, while white pepper ASTA from the same country was priced at $ 10,400/ton.

In Brazil, the price of black pepper ASTA 570 increased by 1.98%, reaching $ 6,300/ton.

In Vietnam, the price of exporting black peppers of 500 g/l was $ 5,800/ton, and the 550 g/l variety was $ 6,200/ton. The price of exported white pepper remained at $ 8,500/ton.

Pepper prices around the world today increased in Indonesia and Brazil, while other markets remained stable.

Thus, global pepper prices on 08/22/2024, slightly increased compared to yesterday.

Pepper prices in August domestically

In the domestic market, pepper prices on August 22 continued to rise sharply compared to yesterday.

Specifically, in Dak Lak, prices surged by VND 3,000, with pepper being purchased at VND 144,000/kg.

Similarly, in Dak Nong, pepper prices also reached VND 144,000/kg.

In Gia Lai, prices rose by VND 2,000, with trading at VND 142,000/kg.

Traders in Dong Nai are buying pepper at VND 142,000/kg, an increase of VND 1,000.

In Ba Ria - Vung Tau, prices increased by an additional VND 2,000, reaching VND 143,000/kg.

Likewise, in Binh Phuoc, trading prices rose to VND 142,000/kg.

Domestic pepper prices continued to rise today, with an increase ranging from VND 1,000 - 3,000. After three consecutive days of increases, the price of this agricultural product has reached VND 144,000/kg.

According to data from the General Department of Vietnam Customs, as of the end of May 2024, Vietnam's pepper exports reached 109,330 tons, bringing in a value of $ 469 million. This represents a 16.8% decrease in volume but a 15.4% increase in value compared to the same period in 2023.

Meanwhile, China's return to purchasing has had a significant impact on pepper prices. Specifically, in May 2024, the volume of pepper exports to the Chinese market reached 3,137 tons, an increase of 4.8 times compared to the previous month and the highest level achieved in the past 11 months.

Despite the high prices, businesses still face difficulties in sourcing raw materials, as pepper growers are expecting prices to continue rising. Farmers in the Central Highlands and Southeastern regions, who have earned significant income from durian and coffee, are financially capable of holding onto their pepper stocks. Many are even willing to store it for 2 to 3 years without rushing to sell.

Thus, domestic pepper prices on 08/22/2024, are trading around VND 142,000 - 144,000/kg.

$ 1 = VND 24.750 - Source: Vietcombank.