Pepper Prices in September 2024: A Small Drop

[Update September 6th, 2024] The price of Pepper in September is between 6.04 and 6.06 USD. It is the end of an increase in pepper prices from the end of August 2024. The price of domestic pepper has increased by 0.24 to 0.28 USD/kg after almost a week. It is feasible to aim for a pepper export market valued at $1 billion. This post updates the pepper prices in Vietnam in September 2024.

1. Pepper prices in Vietnam in September

Here is the update for the domestic price of pepper in Vietnam in September.

• The price of pepper in Dak Lak province decreased by 0.12 USD/kg to $6.06 USD/kg.
• The pepper price in Dak Nong province decreased by 0.12 USD/kg to $6.06 USD/kg.
• In Gia Lai province the price of pepper decreased by 0.1 USD/kg to $6.04 USD/kg.
• In the meantime, pepper prices in Dong Nai decreased by 0.081 USD/kg to $6.06 USD/kg.
• The price of pepper in the province of Ba Ria-Vung Tau was 6.06 USD/kg, a decrease of 0.1 USD/kg.
• The price of pepper in Binh Phuoc province was 6.06 USD/kg, a decrease  of 0.12 USD

In the early hours of September 6, the price of pepper dropped from 0.1 to 0.12 USD/kg. The market saw six straight days of growth before domestic pepper prices started to decline. Experts claim that selling pressure at the peak forced the market to rebalance.

After almost a week, the surge in pepper prices ended at the end of August 2024, and the price of pepper in the country is now between 0.24 and 0.28 USD/kg more than it was. More significantly, the 500 USD/ton increase in pepper export prices was facilitated by the local increase on National Day.

2. Peppercorn Export of Vietnam in first 8 months in 2024

Market experts have stated that time plays a major role in pepper price fluctuations, yet short-term spikes and dips can still happen because a variety of factors influence them. Companies also mentioned that seasonal variations, the state of exports, and delivery schedules were the key causes of the pepper price decline that had occurred in the previous few months since it peaked.

Brazil, Vietnam, and Indonesia are currently in harvest season; Vietnam will begin harvesting early in the next year. However, if agents and farmers continue tending to storing pepper and waiting for prices, pepper prices can still be favorable even during harvest time.

Vietnam exported 185,000 tons of pepper in the first eight months of 2024, bringing in around 891 million USD, according to a study by the Ministry of Agriculture and Rural Development. This represents a minor decline of 1.4% in volume but a huge gain of 44.9% in value. So, the goal of pepper exports valued at $1 billion is attainable.

According to estimates, the average pepper export price for the first eight months of this year was USD 4,810/ton, a significant 47% rise over the same period last year. When compared to the same period in 2023, pepper exports climbed by 9.7% in volume and 75.1% in value in August 2024 alone. At the same time, the average export price grew by 69.6%.

The price of 500g/l of Vietnamese black pepper was traded at 6,600 USD/ton; the price of 550g/l of white pepper was 9,300 USD/ton. PC kept the pepper prices of other countries unchanged compared to the previous day.

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Havigo Company Limited operates in the field of agricultural export. We wish to bring high-quality Vietnamese agricultural products such as spices, rice, beans, and fruits… to the world. We supply you with high-quality products at the best price. If you find interested in importing Black and White Pepper products, don’t hesitate to get in touch with us for better support via WhatsApp: +84 979 58 58 56.