Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada - 2023

Contents:

1. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada (CIF) - 2023
2. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada (FOB) - 2022
3. Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada
4. Exports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada (CIF) - 2023

The average import price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground stood at $6,841 per ton in October 2023, dropping by -25.8% against the previous month. In general, the import price recorded a noticeable setback. The pace of growth appeared the most rapid in July 2023 an increase of 35% against the previous month. The import price peaked at $11,257 per ton in January 2023; however, from February 2023 to October 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In October 2023, the country with the highest price was Madagascar ($13,748 per ton), while the price for Indonesia ($2,617 per ton) was amongst the lowest.

From December 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Madagascar (+6.2%), while the prices for the other major suppliers experienced a decline.

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada (FOB) - 2022

In 2022, the average export price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground amounted to $7,472 per ton, falling by -17.1% against the previous year. Over the period under review, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the average export price increased by 105%. The export price peaked at $11,864 per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($16,446 per ton), while the average price for exports to Trinidad and Tobago totaled $2,785 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+2.5%).

Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada

For the fourth year in a row, Canada recorded growth in supplies from abroad of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground, which increased by 18% to 310 tons in 2022. Overall, total imports indicated a buoyant increase from 2019 to 2022: its volume increased at an average annual rate of +16.0% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +56.3% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 22% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, imports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground surged to $2.6M in 2022. Over the period under review, total imports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +20.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.6% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Top Suppliers of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground to Canada in 2022:

1. Indonesia (112.9 tons)
2. India (90.9 tons)
3. Madagascar (61.0 tons)
4. Sri Lanka (22.7 tons)
5. United States (5.7 tons)
6. China (3.8 tons)

Exports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Canada

In 2022, overseas shipments of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground decreased by -33.7% to 12 tons, falling for the second consecutive year after two years of growth. In general, exports continue to indicate a precipitous decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 24%. As a result, the exports attained the peak of 63 tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground shrank rapidly to $90K in 2022. Overall, exports showed a sharp shrinkage. The smallest decline of -2% was in 2020.

Top Export Markets for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground from Canada in 2022:

1. Trinidad and Tobago (7.9 tons)
2. United States (4.1 tons)

Source: IndexBox Market Intelligence Platform