Pepper Market on November 3, 2024: Decreased by 2,000 - 2,500 VND last week
In the domestic market
See more: Pepper price today November 2
Pepper price today, November 3, slightly decreased by 200 VND/kg in Dak Nong province and remained stable in other localities.
Overall, last week, domestic pepper prices decreased by 2,000 - 2,500 VND/kg, fluctuating between 140,000 - 141,000 VND/kg.
Of which, pepper prices in Dak Nong and Dak Lak provinces decreased by VND2,500/kg during the week, down to VND141,000/kg.
Similarly, pepper prices in Ba Ria - Vung Tau and Dong Nai provinces are being traded at 141,000 VND/kg, down 2,000 VND/kg.
Pepper prices in Gia Lai and Binh Phuoc provinces also decreased by VND2,000/kg, down to VND140,000/kg.
The
market continues to be under pressure as demand slows, while sellers
seek to raise capital to invest in coffee, which is currently in harvest
season. However, limited supply has helped pepper prices remain 72-76%
higher than at the beginning of the year and double the same period last
year.
n the world market
Update from the International Pepper Community (IPC), last week, world pepper prices were quite stable and only decreased in Indonesia.
Specifically, the price of Lampung Indonesian black pepper is listed at 6,683 USD/ton, down 0.6% last week.
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.
Update pepper information
According to preliminary statistics, in the past 10 months alone, businesses spent 108 million USD (equivalent to 2,700 billion VND) to import pepper. Compared to the same period last year, imports of this item increased sharply by 38.2%.
In particular, businesses mainly import pepper from Brazil, Indonesia and Cambodia.
Mr. Phan Minh Thong - Chairman of the Board of Directors of Phuc Sinh Joint Stock Company, said that the Vietnamese pepper industry is benefiting from high export prices due to limited supply.
Accordingly, this year pepper farmers benefited from the high selling price. On the contrary, export enterprises could not buy much domestic pepper. This is also part of the reason why Phuc Sinh had to import a lot of pepper from Brazil and Indonesia this year.
The reason is that, due to the decrease in output, people are holding back pepper for speculation. Along with that, the prolonged drought has made the domestic pepper supply increasingly difficult.
On the other hand, the Ministry of Agriculture and Rural Development said that in the first 10 months of 2024, Vietnam exported about 220,300 tons of pepper, with an estimated value of 1.12 billion USD. Although the volume of pepper exported decreased by 2.3% compared to the same period last year, the value increased sharply by 48.2%.
The average export price of pepper in the first 10 months of 2024 is estimated at 5,084 USD/ton, an increase of 51.7% over the same period in 2023.
In terms of markets, the US, Germany and the United Arab Emirates (UAE) are the three largest customers, accounting for 44.2% of the export value of "black gold" of our country in the first 9 months of 2024. Of which, exports to the German market increased 2.4 times compared to the same period last year, according to vietnamnet .
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