IPC Bulletin November 2024

1. World - The pepper market in November showed a rather negative reaction when only Sri Lanka's domestic black pepper price recorded an increase.
2. IPC price index and composite price - Pepper price index November 2024 recorded negativity when the black pepper price index decreased by 4.3%, reaching 88.72 points, while the white pepper price index decreased lower at 2.4%, reaching 88.28 points although both black pepper and white pepper price indexes are still relatively higher than the average price index in 2023 reaching about 48 - 53 point. Following this trend, the aggregate price of black pepper was also reported to decrease, recording a decrease of 294 USD to 6,599 USD/ton. Meanwhile, the aggregate price of white pepper decreased by 228 USD, reaching 9,135 USD/ton. World pepper trade as of November 2024 continues to record mixed reactions when the largest exporting country, Brazil and Vietnam, reported lower export output compared to 2023, receiving a decrease of 22% and 3% while as of October 2023, Indonesia exports more than 85% exceeding the annual export level from 2023.
3. India – Indian pepper prices have continued to decline since last month.
4. Indonesia – In the context of the Indonesian Rupiah falling 2% against USD (IDR 15,820/USD), Indonesia's domestic and export pepper prices recorded a decrease this month when some pepper plants began to flower.
5. Malaysia – Domestic and international pepper prices in Malaysia recorded a decrease this month due to the impact of the Ringgit currency decreasing by 3% compared to USD (4.44 MYR/USD).
6. Sri Lanka – Due to the Sri Lankan Rupee increasing by 3% against USD (292.01 LKR/USD), domestic pepper prices in this country recorded an increase in the past 3 months.
7. Vietnam – Vietnam's domestic and export pepper prices both decreased this month.
8. Others – Prices of Brazilian and Cambodian black pepper and Chinese white pepper recorded a decrease over the past month.
9. United States – After 3 weeks of recording declines, the US market remained stable with limited activity.
10. Key points about spot prices in the United States 2020 - 2024.
===>> Download the November 2024 IPC English newsletter HERE