Monthly Publication

MARKET REVIEW - OCTOBER 2024

it.assistant@ipcnet.org 06 Dec 2024 71

PEPPER MARKET REPORT - KEY HIGHLIGHTS

World - The pepper prices in October showed a mixed response.
IPC Price Index and Composite Price – IPC Price Index for the 10th Month of 2024 was reported contradicting, as Price Index of black pepper recorded a dip by 4.2% to 92.76 points whilst Price Index of white pepper reported with a marginal increase by 0.5% to 90.84 points. Accordingly, the composite price of black pepper also recorded a decrease of US$ 300 per Mt to an average of US$ 6,900 per Mt whereas the composite price of white pepper recorded an increase by US$ 50 per Mt to an average of US$ 9,400 per Mt. Global pepper trade of origins recorded mix responses as Indonesia recorded the highest export figure of black pepper (September) since 2020 with over 6,500 Mt, thus, pushing the overall export of pepper by Indonesia in 2024 to exceed 48% of the total export in 2023, whereas Brazil and Viet Nam recorded less export as compared to the same period in 2023.
India - The Indian pepper price reported with a decreasing trend this month. According to the hindubusinessline.com, black pepper prices weakened due to soaring imports as well as weakening of demand.
Indonesia - The Indonesian black pepper reported with a decreasing trend this month as enough stock reported and partially contributed to the weakening Indonesia Rupiah against the US Dollar (IDR 15,566 @ 1 US$) or 2% depreciation. Whilst, Indonesian white pepper reported stable.
Malaysia - Only Malaysian international black pepper price reported stable this month. Whilst, the others reported with an increasing trend.
Sri Lanka - The local price for Sri Lankan pepper reported with an increasing trend for the last two (2) months which partially contributed to the strengthening of Sri Lankan Rupee against the US Dollar (LKR 301.15 @ 1 USD) or 3% appreciation.
Viet Nam – Only Vietnamese international white pepper reported stable this month. Whilst, the others reported with a decreasing trend. Furthermore, according to the VPSA, currently pepper gardens in Ba Ria, Vung Tau were in the fruit growing stage to prepare for the harvest around mid-January 2025.
Others - Brazilian black pepper reported with a decreasing trend this month. Whilst, Cambodian black pepper remained stable and unchanged. Furthermore, Chinese white pepper continued to be reported with an increasing trend for the last two (2) months.
US - After reported with a decreasing trend in the past three (3) weeks, the US pepper market remained stable with limited activity.
Highlights on World Pepper Export and Import of Producing and Consuming Countries in the 1st Half of 2024.

IPC Price Index (Base price: Average 2011-2015)

Composite Price of Black and White Pepper (US$/Mt)

FARM GATE PRICE BLACK PEPPER - in US$/Mt

FOB PRICE BLACK PEPPER - in US$/Mt

FARM GATE PRICE WHITE PEPPER - in US$/Mt

FOB PRICE WHITE PEPPER - in US$/Mt

Whole Pepper Export by Producing Countries in the 1st Half of 2024

Ground Pepper Export by Producing Countries in the 1st Half of 2024

Whole Pepper Import by Consuming Countries in the 1st Half of 2024

Ground Pepper Import by Consuming Countries in the 1st Half of 2024

Pepper Export by Producing Countries in the 1st Half of 2024

Pepper Import by Consuming Countries in the 1st Half of 2024

OVERVIEW OF WOLRD PEPPER EXPORT AND IMPORT IN THE 1st Half of 2024

 

 

Sources:

  • Brazil : Unofficial source (Coreimex, CSG Trade).
  • China : Hainan Pepper Association, China Spice Association.
  • India : Spices Board Govt. of India, AISEF, NCDEX, Ministry of Commerce and Industry of India.
  • Indonesia : Unofficial source, Ministry of Agriculture Republic Indonesia, Ministry of Trade of Indonesia (MOT).
  • Malaysia : Malaysian Pepper Board (MPB), Department of Statistics Malaysia (DOSM).
  • Sri Lanka : Sri Lanka Customs, Department of Export Agriculture (DEA).
  • Viet Nam : Viet Nam Pepper Association (VPA), HCMC.
  • International Trade Centre (ITC) – Geneva.
  • NAMAGRO
  • IPC database.

Notes:
IPC DOES NOT set the price of pepper; IPC only publishes the prevailing price of pepper as reported from various origins and sources. Some of the data in this publication are from the IPC Secretariat database. The data were obtained from the official reports and correspondence between the IPC and has been processed based on statistical norms that can be accounted for.

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