Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq - 2022
Contents:
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq (CIF) - 2022
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq (FOB) - 2022
- Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq
- Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq (CIF) - 2022
The average import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground stood at $4,159 per ton in 2022, surging by 63% against the previous year. In general, the import price saw a strong increase. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Vietnam ($21,972 per ton), while the price for Indonesia ($1,595 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+27.8%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq (FOB) - 2022
In 2022, the average export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $6,750 per ton, approximately mirroring the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when the average export price increased by 54%. As a result, the export price reached the peak level of $7,300 per ton. From 2020 to 2022, the average export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Turkey.
From 2012 to 2022, the rate of growth in terms of prices for Turkey amounted to +0.3% per year.
Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq
In 2022, supplies from abroad of spices; cinnamon and cinnamon-tree flowers, crushed or ground was finally on the rise to reach 85 tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, recorded a dramatic slump.
In value terms, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground skyrocketed to $355K in 2022. Overall, imports, however, saw a dramatic decrease.
| Import of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 193 | 102 | 63.7 | 161 | -5.9% |
| Indonesia | 230 | 138 | 57.5 | 102 | -23.7% |
| United Arab Emirates | 371 | 224 | 58.5 | 85.0 | -38.8% |
| Others | 10.4 | 5.1 | 1.5 | 6.6 | -14.1% |
| Total | 804 | 469 | 181 | 355 | -23.9% |
Top Suppliers of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground to Iraq in 2022:
- Indonesia (64.0 tons)
- United Arab Emirates (13.6 tons)
- Vietnam (7.3 tons)
Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq
For the fourth year in a row, Iraq recorded growth in overseas shipments of spices; cinnamon and cinnamon-tree flowers, crushed or ground, which increased by 4.3% to 24 kg in 2022. The total export volume increased at an average annual rate of +6.3% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 9.5% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
In value terms, exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground expanded to $162 in 2022. The total export value increased at an average annual rate of +3.5% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Iraq (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Turkey | 146 | 151 | 156 | 162 | 3.5% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 146 | 151 | 156 | 162 | 3.5% |
Top Export Markets for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground from Iraq in 2022:
- Turkey (24.0 kg)
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This report provides an in-depth analysis of the cinnamon market in Iraq.
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