Monthly Publication

MARKET REVIEW - DECEMBER 2024

it.assistant@ipcnet.org 11 Feb 2025 108

PEPPER MARKET REPORT - KEY HIGHLIGHTS FOR DECEMBER 2024

World - The pepper prices in December showed a mixed response.
IPC Price Index and Composite Price – The year end of 2024 was closed with a mixed response of IPC Pepper Price Index as Price Index of Black Pepper was closed at 89.64 point, recording an increase by 1.5% compared to previous month and an increase by 72% when compared to last year. Thus, recorded an average of 78.65 point for the whole year. Whereas the Price Index of White Pepper was closed at 88.16 point, recording a marginal decrease of 0.1% compared to the previous month and an increase by 61% when compared to last year as it recorded an average of 76.11 point for the whole year. Similarly, the Composite Price of Black Pepper reported with an increase as it recorded a US$ 97 per Mt more at US$ 6,668 Per Mt with the yearly average price reported at US$ 5,850 per Mt. Whilst, Composite Price of White Pepper was closed with a marginal US$ 6 per Mt loss at US$ 9,122 Per Mt. Thus, recorded a yearly average price of US$ 7,875 per Mt. The world pepper trade by December 2024 was reported with mixed response as Brazil closed the year with 24% less export compared to 2023, contributed to the report of less crop from some major areas, whereas Indonesia following the bountiful harvest recorded a significant increase of 129% up to November 2024. China and India were also reported with an increase of export while Viet Nam reported with 5% decrease.
India - As the Indian Rupee weakened against the US Dollar (INR 84.98 @ 1 USD) or 1% depreciation, the Indian pepper price continued to be reported with a decreasing trend for the last three (3) months.
Indonesia - Indonesian black pepper reported with an increasing trend this month. Whilst, Indonesian white pepper continued to be reported with a decreasing trend since last month as pepper stocks in the market were reportedly tight and some middlemen started looking for pepper from the farmers.
Malaysia - Only Malaysian local black pepper reported stable this month. Whilst, the others continued to be reported with a decreasing trend since last month.
Sri Lanka - The local price for Sri Lankan pepper continued to be reported with an increasing trend since September 2024.
Viet Nam – Only Vietnamese international white pepper reported stable this month. Whilst, the others reported with an increasing trend.
Others - Brazilian black pepper reported with an increasing trend this week. Whilst, Cambodian black pepper as well as Chinese white pepper reported with a decreasing trend this month.
US - The USA market was reported stable after reported fluctuated in the last two (2) weeks.
Highlight on Import by European Countries 2023-2024.

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

Import Of Pepper By EU  Countries

Import Of Pepper By EU  Countries

 

Import Of Pepper By EU  Countries 2023 - 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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