Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain - 2023

Contents:

1. Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain (FOB) - 2022
2. Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain (CIF) - 2022
3. Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain
4. Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain

Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain (FOB) - 2022

In 2022, the average export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $4,227 per ton, waning by -7.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2014 an increase of 25% against the previous year. The export price peaked at $4,583 per ton in 2021, and then fell in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Cuba ($8,621 per ton), while the average price for exports to Italy ($2,177 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 Cuba (+9.6%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain (CIF) - 2022

In 2022, the average import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $3,774 per ton, surging by 20% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The most prominent rate of growth was recorded in 2013 an increase of 33%. As a result, import price attained the peak level of $3,860 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

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 Portugal ($15,068 per ton), while the price for Vietnam ($2,441 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Madagascar (+25.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain

For the fourth year in a row, Spain recorded growth in overseas shipments of spices; cinnamon and cinnamon-tree flowers, crushed or ground, which increased by 7.4% to 526 tons in 2022. Overall, total exports indicated prominent growth from 2019 to 2022: its volume increased at an average annual rate of +15.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.0% against 2019 indices. The growth pace was the most rapid in 2020 when exports increased by 41% against the previous year. Over the period under review, the exports of reached the maximum in 2022 and are likely to see steady growth in the immediate term.

In value terms, exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground fell to $2.2M in 2022. In general, total exports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +16.0% 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 +56.2% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 52% against the previous year.

Top Export Markets for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground from Spain in 2022:

1. France (127.3 tons)
2. United Kingdom (124.9 tons)
3. Portugal (71.0 tons)
4. Netherlands (24.2 tons)
5. Italy (21.5 tons)
6. Belgium (20.9 tons)
7. Denmark (19.6 tons)
8. Costa Rica (14.4 tons)
9. Greece (13.2 tons)
10. Nicaragua (11.3 tons)
11. Cuba (10.6 tons)
12. Poland (10.0 tons)
13. Austria (7.9 tons)

Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in Spain

In 2022, purchases abroad of spices; cinnamon and cinnamon-tree flowers, crushed or ground decreased by -23.7% to 571 tons, falling for the second consecutive year after two years of growth. Overall, imports showed a pronounced descent. The most prominent rate of growth was recorded in 2020 with an increase of 40% against the previous year. As a result, imports reached the peak of 911 tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground declined to $2.2M in 2022. The total import value increased at an average annual rate of +8.5% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when imports increased by 30% against the previous year.

Top Suppliers of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground to Spain in 2022:

1. Vietnam (360.1 tons)
2. Germany (105.2 tons)
3. Netherlands (37.6 tons)
4. Portugal (25.7 tons)
5. Indonesia (21.2 tons)

Source: IndexBox Market Intelligence Platform