Domestic pepper price today August 16, 2024 is at 138,000 – 139,000 VND/kg, decreasing again after two consecutive sessions of increase.
The average purchasing price is 138,700 VND/kg, with the highest prices in Gia Lai, Dak Lak, and Dak Nong provinces. IPC further adjusted the price of Indonesian black and white pepper.
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, a decrease of 2 2% in volume but up 40.8% in value over the same period in 2023. Many countries around the world import a lot of Vietnamese pepper such as the US, Germany, India, UAE, China…
In the opposite direction, Vietnam imports a lot of pepper from countries such as Cambodia, Indonesia and Brazil. The amount of pepper from these three countries alone accounts for 92% of our country’s total import turnover in the first 7 months of 2024.
The scale of the global pepper market is worth about 5.4 billion USD and is forecast to grow by an average of 20% in the period from 2024 to 2032. According to VPSA, Vietnam’s pepper output accounts for 40% of the market. % and exports account for 60% of the world market share.
Brazil is currently the second largest producer and exporter of black pepper in the world after Vietnam, accounting for 17-18% of total global supply. Therefore, the continuous crop failure in Brazil will cause a global spillover effect, which is expected to push global pepper prices up in the last months of 2024 when pepper supply from other large producing countries such as Vietnam, Malaysia, Indonesia… also all declined significantly.
According to Vinanet/VITIC
