Monthly Publication

MARKET REVIEW - JANUARY 2024

it.assistant@ipcnet.org 01 Mar 2024 89

PEPPER MARKET REPORT - KEY HIGHLIGHTS

World - The first month of 2024 was opened with pepper price recorded a mix response as India and Malaysian local white pepper reported with a decrease.
IPC Price Index and Composite Price – Following the positive outlook of the end of 2023, the beginning month of 2024 was also reported with positive outlook in term of IPC Pepper Price Index and Composite
Price as the Price Index of Black Pepper was reported at 54.69 points or recording a 4.8% increase. Whilst, Price Index of White Pepper recorded a slightly lower increase of 3.5% at 56.78 points.
The Composite Price of Black Pepper was reported at US$ 4,068 per Mt, recording a significant increase of US$ 187 per Mt while the Composite Price of White Pepper was reported at US$ 5,875 per Mt
or a significant increase by US$ 196 per Mt. The first month of 2024 also saw the export of Brazil and Viet Nam around 6,038 Mt and 17,537 Mt respectively.
India - The Indian pepper price maintained its decreasing trend for the last four (4) months.
Indonesia - After reported with a decreasing trend for the last three (3) months, both local and international price for Indonesian pepper reported stable this month
as less transaction reported in the market.
Malaysia -Only Malaysian local white pepper price continued to be reported with an increasing trend since November. Whilst, the others remained stable and unchanged.
Sri Lanka - The local price for Sri Lankan pepper reported with an increasing trend this month which partially contributed to the strengthening of the Sri Lankan Rupee
against the US Dollar (LKR 321.04 @ 1 USD) or 2% appreciation.
Viet Nam – Both local and international price for Vietnamese pepper reported with an increasing trend for the last two (2) months as the domestic market reported quiet.

Others - Chinese white pepper reported stable this month. Brazilian black pepper as well as Cambodian black pepper reported with an increasing trend this week.
Furthermore, as reported by some sources from Brazilian industry, Brazilian output could potentially be affected due to drought and high temperatures.
Whilst, Cambodian farmers were unlikely to sell pepper at the moment due to low market prices
US - The US pepper market appeared to have more buyers in the market as prices being adjusted.
Highlights on the Brazilian Pepper Industry

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

HIGHLIGHTS ON THE BRAZILIAN PEPPER INDUSTRY

Monthly Export Price of the Brazilian Pepper during 2022 - January 2024* (USD/Mt)

OVERVIEW OF THE BRAZILIAN PEPPER INDUSTRY

 

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: 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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