Domestic pepper price today, August 16, 2024, is at 138,000 – 139,000 VND/kg, decreasing again after two consecutive increases.
The average purchase price is 138,700 VND/kg, with the highest price in Gia Lai, Dak Lak, and Dak Nong provinces. IPC continues to adjust the price of black and white pepper from Indonesia.
According to the latest report of the Vietnam Pepper and Spice Association (VPSA), in the first 7 months of 2024, Vietnam exported nearly 164,400 tons of pepper of all kinds, earning nearly 765 million USD, down 2.2% in volume but up 40.8% in value over the same period in 2023. Many countries in the world import a lot of pepper from Vietnam such as the US, Germany, India, UAE, China…
Vietnam boosts pepper imports to serve production and meet orders.
On the other hand, Vietnam imports a lot of pepper from countries such as Cambodia, Indonesia and Brazil. Pepper from these 3 countries alone accounted for 92% of our country’s total import turnover in the first 7 months of 2024.
The global pepper market is worth about 5.4 billion USD and is forecast to grow at an average rate of 20% during the period 2024 – 2032. According to VPSA, Vietnam’s pepper output accounts for 40% and exports account for 60% of the world market share.
Brazil is currently the world’s second largest producer and exporter of black pepper after Vietnam, accounting for 17-18% of the total global supply. Therefore, the continuous crop failure in Brazil will have a global ripple effect, expected to push global pepper prices up in the last months of 2024 when pepper supply from other major producing countries such as Vietnam, Malaysia, Indonesia, etc. will also decrease significantly.
> In the first 7 months of 2024, Vietnamese businesses spent more than 80 million USD to import pepper.
According to Vinanet/VITIC
