Pepper Market October 16, 2024

 

Pepper Market October 16, 2024: Price increased slightly

Posted onOctober 16, 2024by VPA

October 16

Pepper prices today (October 16) fluctuated at 144,500 - 145,000 VND/kg, a slight increase of 500 VND/kg in the Southeast and Gia Lai regions. Pepper demand from the US market increased, Vietnam continued to be the leading supplier.

In the world market

According to an update from the International Pepper Association (IPC), at the end of the most recent trading session, the price of Indonesian Lampung black pepper was still listed at 6,744 USD/ton.

Elsewhere, Kuching Malaysia black pepper prices remained at $8,700/ton, while Brazilian ASTA 570 black pepper reached $6,750/ton. Vietnam’s  export  prices of 500g/l and 550g/l black pepper  fluctuated at $6,500 – $6,800/ton.

Update pepper information

According to data from the United States International Trade Commission (USITC), pepper  imports   into the United States in August reached 7,372 tons, down 28% from the previous month but up 25% from the same period last year. Thus, pepper imports into the United States have grown for 8 consecutive months compared to the same period last year.

Therefore, total pepper imports into the US in the first 8 months of the year reached 63,294 tons, worth 306.9 million USD, up 37% in volume and 44.8% in value over the same period last year.

Regarding the supply market, Vietnam continued to be the largest pepper supplier to the US in the first 8 months of the year, accounting for 78% of the market's import capacity with a volume of 49,277 tons, worth more than 235.2 million USD, up 35.4% in volume and 46.8% in value over the same period last year. With this result, the US is also the largest customer of the Vietnamese pepper industry.

Meanwhile, the US also increased pepper imports from other suppliers such as: India reached 4,916 tons, up 24.4% and accounted for 7.8% of the market share; Indonesia reached 4,698 tons, up 111.7% and accounted for 7.4%; Brazil reached 2,385 tons, up 63.9% and accounted for 3.8%...

In the first 8 months of this year, the average imported pepper price into the US reached 4,849 USD/ton, up 5.7% over the same period last year.

Of which, the imported pepper price from Vietnam increased by 8.4% to an average of 4,774 USD/ton; from India increased by 3.4%, reaching 5,043 USD/ton; while the import price from Indonesia and Brazil decreased by 17% and 6%, to 5,117 USD/ton and 4,175 USD/ton.

According to VietnamBiz.vn