Today’s pepper prices on February 21 range between 86,500 – 89,500 VND/kg. In other pepper-producing countries such as India, Indonesia, and Brazil, production is also forecasted to decrease. This will lead to a reduction in pepper imports into Vietnam in 2024.

In Dak Lak and Dak Nong provinces, today’s pepper prices were purchased at 89,000 VND/kg, an increase of 2,000 VND/kg.

In Gia Lai province, today’s pepper price is at 86,500 VND/kg, up by 1,500 VND/kg.

Meanwhile, in Dong Nai, today’s pepper price is at 87,000 VND/kg, an increase of 2,000 VND/kg.

In Ba Ria – Vung Tau province, today’s pepper price is at 89,000 VND/kg, up by 2,000 VND/kg.

And in Binh Phuoc province, today’s pepper price was purchased at 89,500 VND/kg, an increase of 1,500 VND/kg.

Today’s pepper prices increased by 1,500 – 2,000 VND/kg in other localities compared to the same time yesterday. This marks the second consecutive day of strong increases in the domestic market.

The increased demand from various markets such as the US, EU, Asia, and Africa for immediate delivery orders in Q1 2024 has driven prices up even as Vietnam enters the peak of the harvest season.

At the close of the latest trading session, the International Pepper Community (IPC) listed the price of Lampung black pepper (Indonesia) at 3,905 USD/ton, a decrease of 0.18%; Brazil ASTA 570 black pepper at 4,100 USD/ton, up 50 USD/ton; and Kuching (Malaysia) ASTA black pepper remained at 4,900 USD/ton.

The price of Muntok white pepper is 6,157 USD/ton, down 0.18%; the price of Malaysia ASTA white pepper remains at 7,300 USD/ton.

Vietnamese black pepper traded at 3,900 USD/ton for the 500 g/l variety, and the 550 g/l variety at 4,000 USD/ton; white pepper at 5,700 USD/ton.

Speaking to the press, Mr. Nguyen Tan Hien, Vice President of the Vietnam Pepper and Spice Association (VPSA), commented that Vietnam’s pepper production in 2024 could be at its lowest in the past five years.

Mr. Hien added that in other pepper-producing countries such as India, Indonesia, and Brazil, production is also forecasted to decrease. This will lead to a reduction in pepper imports into Vietnam in 2024. In Southeast Asia, Vietnam mainly imports pepper from Indonesia, but the price of Indonesian pepper is increasingly expensive as Indonesia’s main customers are Japan, South Korea, and China – who are willing to pay high prices. Therefore, Indonesia only sells to Vietnam when there is an excess supply.

For Brazil, despite lower prices than Vietnam, with the situation of drought and crop failure, Brazilian farmers will also not be in a hurry to sell at low prices. With low inventory levels, forecasted decrease in production, and lower import volumes, Mr. Nguyen Tan Hien believes that Vietnam’s pepper exports in 2024 could be at the lowest level in the recent five years. This means that prices are also expected to be high in the coming period.

Due to the impact of climate change, the 2024 harvest season is delayed compared to 2023, with Vietnam’s pepper production in 2024 expected to reach only 170,000 tons, a decrease of 10.5% compared to 2023.