Pepper Market on November 19, 2024: Continued to move sideways across the board, exports earned nearly 1.2 billion USD
See more: Pepper price today November 18
Pepper prices today continue to remain stable at 139,000 - 140,000 VND /kg in key provinces and cities.
Of which, traders in Dak Nong province are purchasing pepper at the highest price of 140,000 VND/kg. Next is Dak Lak province with 139,500 VND/kg.
In Gia Lai, Ba Ria - Vung Tau, Binh Phuoc and Dong Nai provinces, pepper prices are being purchased at 139,000 VND/kg.
In the world market
Update from the International Pepper Community (IPC), at the end of the most recent trading session, world black pepper prices had no new fluctuations.
Indonesian Lampung black pepper is listed at USD 6,470/ton, Brazilian ASTA 570 black pepper is priced at USD 6,000/ton, and Malaysian Kuching black pepper is priced at USD 8,400/ton.
Vietnam's export prices of 500 g/l and 550 g/l black pepper continue to fluctuate in the range of 6,200 - 6,500 USD/ton.
Update pepper information
Preliminary statistics from VPSA show that in the first 15 days of November, Vietnam exported 8,082 tons of pepper of all kinds, with a total turnover of 55.4 million USD, down 10.6% in volume and 5% in turnover compared to the first half of October.
Nedspice, Tran Chau and Olam Vietnam were the three largest exporters in the first half of November, reaching 988 tons, 895 tons and 865 tons respectively. Meanwhile, the largest export market for Vietnamese pepper was still the US, reaching 2,362 tons, accounting for 29.2% of the market share.
Accumulated from the beginning of the year to November 15, Vietnam exported a total of 234,824 tons of pepper, earning 1.17 billion USD, down 3.1% in volume but up 47.3% in value compared to the same period last year. The average export price of pepper reached 5,129 USD, up sharply by 52.1% (1,757 USD/ton).
On the other hand, in the first half of November, Vietnam imported 2,484 tons of pepper, worth 14.3 million USD, an increase of 8.2% compared to the first half of October. Olam Vietnam and Harris Spice were the two main importers, with 894 tons, accounting for 36.0%, and 530 tons, accounting for 21.3%. Meanwhile, Indonesia continued to be the largest pepper supplier to Vietnam, accounting for 82.3%, reaching 2,045 tons.
Thus, from the beginning of the year to November 15, Vietnam imported 31,080 tons of pepper, worth 145.6 million USD, a sharp increase over the same period and far exceeding the 26,538 tons that businesses imported in the whole year of 2023.
The Import-Export Department forecasts that in the last months of this year, Vietnam's pepper export activities will not be favorable because domestic supply is limited and demand from China remains low.
It is expected that in early 2025, Vietnam's pepper exports will be favorable thanks to the expected sharp increase in demand from the Chinese market. Meanwhile, after Indonesia's most recent harvest, the world's pepper supply has not been significantly supplemented until February 2025. This is considered a favorable factor when Vietnam enters the new harvest in 2025.
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