Price for Spices; Mixtures of 2 or More Products of the Same Heading in India - 2023
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in India (FOB) - 2023
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in India (CIF) - 2023
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in India
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in India
Price for Spices; Mixtures of 2 or More Products of the Same Heading in India (FOB) - 2023
In November 2023, the average export price for spices; mixtures of 2 or more products of the same heading amounted to $1,677 per ton, shrinking by -7.5% against the previous month. Over the period under review, export price indicated a mild expansion from November 2022 to November 2023: its price increased at an average monthly rate of +1.0% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on November 2023 figures, export price for spices; mixtures of 2 or more products of the same heading increased by +6.0% against June 2023 indices. The growth pace was the most rapid in December 2022 an increase of 72% against the previous month. As a result, the export price attained the peak level of $2,544 per ton. From January 2023 to November 2023, the the average export prices failed to regain momentum.
Prices varied noticeably by the country of destination: the country with the highest price was the Netherlands ($5,849 per ton), while the average price for exports to Taiwan (Chinese) ($449 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in India (CIF) - 2023
The average import price for spices; mixtures of 2 or more products of the same heading stood at $801 per ton in November 2023, jumping by 64% against the previous month. Over the period under review, the import price, however, continues to indicate a slight descent. The most prominent rate of growth was recorded in December 2022 an increase of 862% against the previous month. As a result, import price reached the peak level of $8,702 per ton. From January 2023 to November 2023, the average import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was the United States ($1,671 per ton), while the price for the United Arab Emirates ($421 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Turkey (+1.9%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in India
In 2022, exports of spices; mixtures of 2 or more products of the same heading from India expanded to 95K tons, surging by 1.7% compared with 2021 figures. The total export volume increased at an average annual rate of +8.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 52%. As a result, the exports reached the peak of 114K tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.
In value terms, exports of spices; mixtures of 2 or more products of the same heading rose modestly to $143M in 2022. Over the period under review, total exports indicated a buoyant increase from 2019 to 2022: its value increased at an average annual rate of +17.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.1% against 2019 indices. The pace of growth was the most pronounced in 2020 when exports increased by 41%. Over the period under review, the exports of spices; mixtures of 2 or more products of same heading reached the peak figure in 2022 and are expected to retain growth in the near future.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 12.7 | 17.5 | 19.0 | 15.3 | 6.4% |
| China | 5.9 | 15.8 | 14.3 | 15.2 | 37.1% |
| Germany | 4.1 | 5.0 | 11.3 | 14.6 | 52.7% |
| United Arab Emirates | 4.3 | 6.9 | 6.3 | 13.7 | 47.1% |
| United Kingdom | 6.4 | 7.8 | 7.8 | 7.8 | 6.8% |
| Nepal | 3.2 | 5.3 | 4.9 | 4.4 | 11.2% |
| South Africa | 3.3 | 4.0 | 4.5 | 4.2 | 8.4% |
| Saudi Arabia | 2.4 | 2.8 | 3.4 | 3.9 | 17.6% |
| Japan | 2.0 | 3.0 | 3.6 | 3.9 | 24.9% |
| Yemen | 2.2 | 2.6 | 4.3 | 3.1 | 12.1% |
| Sri Lanka | 1.3 | 2.4 | 2.8 | 2.2 | 19.2% |
| Taiwan (Chinese) | 1.3 | 1.5 | 1.8 | 2.0 | 15.4% |
| Bangladesh | 0.9 | 2.1 | 2.1 | 1.9 | 28.3% |
| Others | 36.9 | 46.0 | 52.6 | 50.2 | 10.8% |
| Total | 86.9 | 123 | 139 | 143 | 18.1% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from India in 2022:
- China (22.6K tons)
- United States (7.8K tons)
- United Arab Emirates (4.9K tons)
- Nepal (3.9K tons)
- Taiwan (Chinese) (3.6K tons)
- Yemen (3.6K tons)
- Germany (3.5K tons)
- Saudi Arabia (3.2K tons)
- Japan (3.1K tons)
- South Africa (2.8K tons)
- Bangladesh (2.7K tons)
- United Kingdom (2.6K tons)
- Sri Lanka (2.6K tons)
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in India
In 2022, the amount of spices; mixtures of 2 or more products of the same heading imported into India soared to 19K tons, rising by 130% on 2021 figures. Over the period under review, imports enjoyed significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of spices; mixtures of 2 or more products of the same heading surged to $19M in 2022. In general, imports showed a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Nigeria | 0.3 | 0.4 | 4.2 | 8.1 | 200.0% |
| Vietnam | N/A | N/A | 0.1 | 6.7 | 6600.0% |
| Nepal | 1.2 | 1.5 | 1.8 | 1.5 | 7.7% |
| Turkey | 0.3 | 0.4 | 0.5 | 0.7 | 32.6% |
| United Arab Emirates | 0.3 | 0.3 | 0.5 | 0.1 | -30.7% |
| China | 0.3 | 0.6 | 0.4 | 0.1 | -30.7% |
| Pakistan | 2.3 | N/A | N/A | N/A | 0% |
| Others | 1.0 | 0.7 | 0.8 | 2.2 | 30.1% |
| Total | 5.7 | 4.0 | 8.3 | 19.4 | 50.4% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to India in 2022:
- Nigeria (8.3K tons)
- Vietnam (6.5K tons)
- Nepal (2.6K tons)
- Turkey (0.4K tons)
- United Arab Emirates (0.1K tons)
- China (0.1K tons)
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