Pepper price today November 3, 2022

Pepper prices today, November 3, remained stable in key growing areas. In October, pepper exports are forecast to show signs of improvement compared to September. In the world market, the World Pepper Community listed a decrease in prices for Indonesian and Brazilian pepper. Specifically, Lampung black pepper decreased by 24 USD/ton to 3,653 USD/ton; Brazilian black pepper ASTA 570 decreased by 125 USD/ton to 2,475 USD/ton. Indonesian Muntok white pepper price was at 5,912 USD/ton, down 40 USD/ton. Meanwhile, pepper prices remained stable in the remaining countries. Specifically, Brazilian black pepper ASTA 570: at 2,600 USD/ton, unchanged. Kuching black pepper (Malaysia) ASTA: at 5,100 USD/ton, unchanged. Malaysian ASTA white pepper: at 7,300 USD/ton, unchanged. Statistics show that the pepper export volume in October 2022 is estimated at 15 thousand tons, worth 58 million USD, bringing the pepper export volume in the first 10 months of 2022 to 190 thousand tons and 829 million USD, down 17.4% in volume but up 4.7% in value over the same period in 2021. The average pepper export price in the first 10 months of 2022 is estimated at 4,372 USD/ton, up 26.9% over the same period in 2021. Vietnam’s largest pepper export markets in the first 9 months of 2022 are the United States, the United Arab Emirates and India, with 41.7% market share. The market with the strongest increase in pepper export value is Japan with an increase of up to 98.8%. Meanwhile, the export market with the sharpest decline was Pakistan with a decrease of 55.6%. Statistics show that pepper exports have shown improvement, but not as expected. The market in general continues to decline due to demand being affected by China’s “Zero Covid” policy. In addition, the Russia-Ukraine conflict has led to high inflation in many countries and the devaluation of the currencies of importing countries compared to the USD. In addition, Vietnamese pepper is losing market share due to more competitive prices offered by the Brazilian and Indonesian markets. Forecasts indicate that pepper demand will decrease sharply in the first quarter of 2023 with a particularly difficult winter in the European region due to the impending energy crisis. This time coincides with the arrival of Vietnam’s new crop to the market, thus signaling a less than vibrant picture. Faced with the above situation, in addition to traditional markets, the pepper industry needs to promote exports to markets that are not yet large for the Vietnamese spice industry such as the Middle East and Africa, which is a positive direction. In addition, promoting the construction of information systems, forecasting and developing markets, especially foreign markets; promoting pepper trade promotion activities to potential markets, maintaining and developing the position of Vietnamese pepper in the EU market.

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