During the course of 11 years, spot price on New York markets
fluctuated and was reported to firstly spike up in November 2011 with
USD 8,556 per Mt for black pepper and USD 12,922 per Mt for white pepper
which then followed with decreasing trend which lasted for 3 year. The
spot price on New York market then started to gradually increase in the
middle of 2013 until it peaked in July 2015 and recorded the highest
price in history of the pepper industry with USD 11,333 per Mt for
black pepper and USD 16,496 per Mt for white pepper. Following the
peaked in July 2015, the spot prices of black and white pepper gradually
decreased and lasted longer, compared with the previous trend, until
the present time with USD 2,977 per Mt for black pepper and USD 5,072
per Mt for white pepper recorded in July 2019. Furthermore, in the
course of 11 years the lowest spot price was reported in March 2009 with
USD 2,568 per Mt for black pepper and USD 4,025 per Mt for white pepper
(Chart 10).
The shift in
the stretching of the decreasing trend of pepper price in the past few
years could be contributed to the significant increase of stock in the
global market which imbalance with the demand for pepper. By the end of
2019, the global production of pepper is estimated to be 591,946 Mt.
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