Monthly Publication

MARKET REVIEW - DECEMBER 2023

it.assistant@ipcnet.org 26 Jan 2024 89

PEPPER MARKET REPORT - KEY HIGHLIGHTS

World - Pepper prices in last month of 2023 continued to show a mix response as exchange rates in some origin countries strengthened against the US dollar.
IPC Price Index and Composite Price – The year 2023 ended with a positive note in term of IPC Price Index and Composite Price of peppers as Price Index of black pepper reported at 52.17 points,
recording an increase by 4.8%. Whilst, Price Index of white pepper reported at 55.14 points, recording an increase by 3.7%. Price Index of pepper recorded an annual average of 48.47 points
and 53.11 points respectively. Following the increasing trend, the composite price of black pepper recorded an increase by US$ 177 per Mt to US$ 3,880 per Mt whereas the composite price of white pepper
reported at US$ 5,705 per Mt or an increase by US$ 203 per Mt. The annual average of composite price for 2023 were reported at US$ 3,606 per Mt and US$ 5,496 per Mt respectively.
India - The Indian pepper price continued to be reported with a decreasing trend since October 2023.
Indonesia - Even though the Indonesian Rupiah strengthened against the US Dollar (IDR 15,511 @ 1 USD) or 1% appreciation,
both local and international price for Indonesian pepper continued to be reported with a decreasing trend for the last three (3) months.
Furthermore, some farmers in Bangka Province started to plant new pepper plants whilst some farmers
in Lampung region had not started replanting because of uneven rainfall.
Malaysia - Only Malaysian local white pepper price continued to be reported with an increasing trend for the last two (2) months.
Whilst, the others remained stable and unchanged.
Sri Lanka - The local price for Sri Lankan pepper reported with a decreasing tend this month
Viet Nam -Both local and international price for Vietnamese pepper reported with an increasing trend in the last month of 2023.
Viet Nam export for the year 2023 recorded an increase by 14% exceeding 260 KMT with 89% of it black pepper.
US - Pepper prices strengthened from some origins.
Highlight on Farm Gate and FOB Pepper Price 2021-2023.

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

Average Farm Gate Price of Black Pepper 2021 – 2023 (USD/ MT)

Average FOB Price of Black Pepper 2021 – 2023 (USD/ MT)

Average Farm Gate Price of White Pepper 2021 – 2023 (USD/ MT)

Average FOB Price of White Pepper 2021 – 2023 (USD/ MT)

Overview of Farm Gate and FOB Pepper Price 2021-2023

 

Sources:

  • Brazil, Unofficial source (Coreimex, CSG Trade)
  • China: Hainan Pepper Association, China Spice Association
  • India: Spices Board Govt. of India, AISEF, NCDEX, Indian Chamber of Commerce & Industry
  • Indonesia: Unofficial source, Ministry of Agriculture Republic Indonesia
  • Malaysia : Malaysian Pepper Board
  • Sri Lanka: Sri Lankan Pepper Board, Department of Export Agriculture
  • Viet Nam : Viet Nam Pepper Association, HCMC
  • International Trade Centre (ITC) - Geneva

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

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