Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Crushed or Ground in the Philippines - 2023

Contents:

1. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Crushed or Ground in the Philippines (CIF) - 2022
2. Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Crushed or Ground in the Philippines

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Crushed or Ground in the Philippines (CIF) - 2022

In 2022, the average import price for spices; cloves (whole fruit, cloves and stems), crushed or ground amounted to $9,600 per ton, increasing by 13% against the previous year. Overall, the import price, however, recorded a mild setback. The growth pace was the most rapid in 2018 when the average import price increased by 22%. As a result, import price attained the peak level of $12,372 per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($9,651 per ton) and Indonesia ($9,605 per ton), while the price for Germany ($9,587 per ton) and India ($9,599 per ton) were amongst the lowest.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.9%).

Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Crushed or Ground in the Philippines

In 2022, supplies from abroad of spices; cloves (whole fruit, cloves and stems), crushed or ground decreased by -39.9% to 4.1 tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 101% against the previous year.

In value terms, imports of spices; cloves (whole fruit, cloves and stems), crushed or ground shrank notably to $40K in 2022. Overall, total imports indicated moderate growth from 2019 to 2022: its value increased at an average annual rate of +2.9% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 40% against the previous year.

Top Suppliers of Spices; Cloves (Whole Fruit, Cloves and Stems), Crushed or Ground to the Philippines in 2022:

1. India (3.3 tons)
2. Indonesia (0.5 tons)
3. Germany (0.3 tons)
4. United States (0.1 tons)

Source: IndexBox Market Intelligence Platform