Spices
Pepper
Pepper
Price movements (monthly)
FOB Vietnam Prices
Quartr-on-quarter Change
Year-on-year Change
The Expana Benchmark Price (EBP) of Vietnamese pepper (550 grams per litre FOB Vietnam) was assessed at $6,950/MT on 23 April 2025, up 4.51% q-o-q (Feb-April) and 61.63% y-o-y, respectively.
Prices rose dramatically at the start of April as tight supply continued to be the main driver behind prices. However, after the announcement of US President Trump's unilateral 46% tariff on all Vietnamese goods, prices fell as a result. Furthermore, with the harvest season in full swing, prices continue to face downward pressure.
Pepper
Other price drivers
↓ Oil Prices
The Brent crude oil price decreased by 6.45% m-o-m in April to $66.86/barrel, representing a 24.88% y-o-y decrease. The drop followed sweeping US tariffs that stoked fears of a global recession, leading many to reduce their forecasts for oil production through 2025. Meanwhile, OPEC+ ramped up production, reversing prior output cuts despite fragile demand, further weakening prices. The oversupplied market reacted with volatility, and analysts responded swiftly—JPMorgan lowered its Brent forecast for 2025 to $66.
↓ Shipping Rates
The shipping 40ft container composite index fell 5.55% m-o-m to $2,205.67 per unit in April. Container demand weakened under the weight of escalating US tariffs and slowing global trade. Chinese exports declined sharply and tariff relief on select goods offered little support. Carriers responded by cutting capacity, but persistent overcapacity and low profitability continued to pressure rates.
↓ Expana Dollar Index
The Expana dollar index was 99.44 for the week ending April 16, down by 2.8% w-o-w. In April 2025, the US dollar weakened steadily following President Trump’s announcement of sweeping new tariffs. The move sparked fears of retaliatory trade actions and a potential recession, prompting market participants to anticipate monetary easing in the form of interest rate cuts. This shift in sentiment generated broad bearish pressure on the dollar, as investors began pricing in a softer policy stance from the Federal Reserve amid growing economic uncertainty.
Pepper
Market sentiment for the month ahead
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