PEPPERTRADE SPICES BOARD BLOG #Pepper #Spices

 

Pepper Market on November 1, 2024: Market plummets

Posted onNovember 1, 2024by VPA

01
Nov

Pepper prices today (November 1) fluctuated between 141,000 - 142,500 VND/kg, down sharply by 1,000 - 1,500 VND compared to yesterday. Pepper is the agricultural product with the strongest export growth in the first 10 months of the year, reaching 1.12 billion USD, up 48% over the same period last year.

In the world market

Updated from the International Pepper Association (IPC), in the most recent trading session, the price of Indonesian Lampung black pepper continued to increase slightly by 0.16% compared to the previous trading session, listed at 6,691 USD/ton.

Meanwhile, pepper prices at other suppliers remained stable. Specifically, Kuching Malaysian black pepper was priced at USD 8,500/ton, while Brazilian ASTA 570 black pepper was traded at USD 6,400/ton.

Vietnam's 500 g/l and 550 g/l black pepper  for export   is offered at USD 6,500 - 6,800/ton.

---

Lampung Black Pepper (Indonesia)	6,691
Brazilian Black Pepper ASTA 570	6,400
Kuching Black Pepper (Malaysia) ASTA	8,500
Vietnamese black pepper (500 g/l)	6,500
Vietnamese black pepper (500 g/l)	6,800

-----

Update pepper information

According to the Ministry of Agriculture and Rural Development, pepper is the agricultural product with the strongest export growth in the first 10 months of 2024, reaching 1.12 billion USD, up 48% over the same period last year.

Thus, after only 10 months, this industry has soon surpassed the 1 billion USD mark for the first time in 6 years.

This impressive growth momentum comes from high pepper prices due to a decline in global supply while demand recovers strongly in major markets, especially the US and EU.

Data from the European Statistical Office (Eurostat) shows that in the first 8 months of 2024, the EU  imported   44,870 tons of pepper from non-bloc markets, worth nearly 216 million EUR, up 33.3% in volume and 49.5% in value over the same period last year.

Of which, Vietnam is the largest pepper supplier to the EU, with imports reaching over 29,736 tons, worth 138.3 million EUR, up 41.8% in volume and 66.5% in value.

Vietnam's pepper market share in the EU's total imports from extra-bloc markets accounted for 66.3% of the total volume and 63% of the total value in the first 8 months of 2024.

According to data from the US International Trade Commission, in the first 8 months of the year, the world's largest importing country bought 63,294 tons of pepper of all kinds, worth 306.9 million USD, up 37% in volume and 44.8% in value over the same period last year.

Of which, Vietnam is the largest pepper supplier to the US with a volume of 49,277 tons, up 35.4% over the same period and accounting for nearly 78% of the market's import capacity.

According to VietnamBiz.vn