Spices; Turmeric (Curcuma) Price in Singapore - 2022
Contents:
- Spices; Turmeric (Curcuma) Price in Singapore (CIF) - 2022
- Spices; Turmeric (Curcuma) Price in Singapore (FOB) - 2022
- Spices; Turmeric (Curcuma) Imports in Singapore
- Spices; Turmeric (Curcuma) Exports in Singapore
Spices; Turmeric (Curcuma) Price in Singapore (CIF) - 2022
The average spices; turmeric (curcuma) import price stood at $1,814 per ton in 2022, waning by -34.4% against the previous year. Overall, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the average import price increased by 40% against the previous year. As a result, import price attained the peak level of $2,767 per ton, and then reduced notably in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($11,809 per ton), while the price for Malaysia ($802 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Price in Singapore (FOB) - 2022
In 2022, the average spices; turmeric (curcuma) export price amounted to $2,708 per ton, picking up by 27% against the previous year. Over the period under review, export price indicated a strong expansion from 2012 to 2022: its price increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spices; turmeric (curcuma) export price increased by +82.9% against 2020 indices. The growth pace was the most rapid in 2021 when the average export price increased by 44%. The export price peaked in 2022 and is expected to retain growth in years to come.
There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Vietnam ($10,755 per ton), while the average price for exports to South Africa ($1,475 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (+20.5%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Imports in Singapore
In 2022, purchases abroad of spices; turmeric (curcuma) decreased by -6.6% to 996 tons, falling for the second consecutive year after two years of growth. The total import volume increased at an average annual rate of +1.5% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 26%. As a result, imports reached the peak of 1.2K tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, spices; turmeric (curcuma) imports contracted sharply to $1.8M in 2022. Overall, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. As a result, imports attained the peak of $2.9M, and then shrank rapidly in the following year.
| Import of Spices; Turmeric (Curcuma) in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 573 | 719 | 637 | 632 | 3.3% |
| Malaysia | 350 | 421 | 458 | 383 | 3.0% |
| Indonesia | 523 | 490 | 647 | 327 | -14.5% |
| Bangladesh | 113 | 114 | 164 | 171 | 14.8% |
| Myanmar | 286 | 167 | 4.0 | 4.6 | -74.8% |
| Others | 191 | 463 | 1,039 | 289 | 14.8% |
| Total | 2,037 | 2,375 | 2,950 | 1,807 | -3.9% |
Top Suppliers of Spices; Turmeric (Curcuma) to Singapore in 2022:
- Malaysia (477.1 tons)
- India (396.4 tons)
- Bangladesh (83.3 tons)
- Indonesia (27.7 tons)
- Myanmar (3.2 tons)
Spices; Turmeric (Curcuma) Exports in Singapore
In 2022, overseas shipments of spices; turmeric (curcuma) decreased by -4.3% to 145 tons, falling for the second year in a row after two years of growth. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 91% against the previous year. As a result, the exports reached the peak of 272 tons. From 2021 to 2022, the growth of the exports failed to regain momentum.
In value terms, spices; turmeric (curcuma) exports surged to $393K in 2022. The total export value increased at an average annual rate of +5.0% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period.
| Export of Spices; Turmeric (Curcuma) in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 3.3 | 5.0 | N/A | 122 | 233.1% |
| Philippines | 60.2 | 63.8 | 93.4 | 75.5 | 7.8% |
| Taiwan (Chinese) | 0.1 | 21.4 | 0.3 | 45.2 | 667.4% |
| Brunei Darussalam | 73.5 | 95.0 | 65.4 | 43.5 | -16.0% |
| Fiji | 50.2 | 57.8 | 56.9 | 32.6 | -13.4% |
| South Africa | N/A | 32.2 | 30.0 | 29.5 | -4.3% |
| France | 11.0 | 12.6 | 13.4 | 13.7 | 7.6% |
| Malaysia | 38.0 | 49.4 | 31.7 | 12.7 | -30.6% |
| Pakistan | N/A | 26.3 | N/A | N/A | 0% |
| Others | 103 | 38.8 | 32.8 | 17.6 | -44.5% |
| Total | 339 | 402 | 324 | 393 | 5.1% |
Top Export Markets for Spices; Turmeric (Curcuma) from Singapore in 2022:
- Philippines (43.1 tons)
- Brunei Darussalam (22.1 tons)
- South Africa (20.0 tons)
- Fiji (16.3 tons)
- Taiwan (Chinese) (14.2 tons)
- Vietnam (11.4 tons)
- France (7.4 tons)
- Malaysia (5.3 tons)
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