Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines - 2023
Contents:
- Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines (CIF) - 2022
- Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines (FOB) - 2022
- Imports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines
- Exports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines
Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines (CIF) - 2022
In 2022, the average import price for spices; fruits of the genus capsicum or pimenta, crushed or ground amounted to $3,777 per ton, surging by 3.4% against the previous year. Overall, the import price posted a strong increase. The growth pace was the most rapid in 2020 when the average import price increased by 50% against the previous year. The import price peaked in 2022 and is likely to see steady growth in the near future.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($3,897 per ton), while the price for Singapore ($1,927 per ton) was amongst the lowest.
From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+40.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines (FOB) - 2022
In 2022, the average export price for spices; fruits of the genus capsicum or pimenta, crushed or ground amounted to $3,478 per ton, reducing by -2.2% against the previous year. Overall, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2021 when the average export price increased by 14%. Over the period under review, the average export prices hit record highs at $5,932 per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.
Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Thailand ($3,478 per ton), while the average price for exports to China ($3,478 per ton) was amongst the lowest.
From 2017 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (-0.8%).
Imports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines
In 2022, approx. 1.3K tons of spices; fruits of the genus capsicum or pimenta, crushed or ground were imported into the Philippines; with an increase of 3.1% against the previous year. In general, imports, however, saw a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of 3.5% against the previous year.
In value terms, imports of spices; fruits of the genus capsicum or pimenta, crushed or ground expanded rapidly to $4.8M in 2022. The total import value increased at an average annual rate of +9.5% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 16% against the previous year. Over the period under review, imports of spices; fruits of genus capsicum or pimenta, crushed or ground attained the peak figure in 2022 and are likely to see gradual growth in the near future.
| Import of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 1,728 | 1,667 | 2,350 | 2,548 | 13.8% |
| Spain | 542 | 420 | 385 | 993 | 22.4% |
| China | 596 | 936 | 873 | 392 | -13.0% |
| Thailand | 1.2 | 0.4 | 3.2 | 334 | 552.9% |
| United States | N/A | N/A | 22.7 | 292 | 1186.3% |
| Singapore | 96.2 | 86.6 | 74.3 | 153 | 16.7% |
| South Korea | 630 | 777 | 744 | 71.1 | -51.7% |
| Others | 85.7 | 27.6 | 78.6 | 47.3 | -18.0% |
| Total | 3,679 | 3,915 | 4,532 | 4,830 | 9.5% |
Top Suppliers of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground to the Philippines in 2022:
- India (653.8 tons)
- Spain (254.7 tons)
- China (100.6 tons)
- Thailand (85.6 tons)
- Singapore (79.5 tons)
- United States (74.9 tons)
- South Korea (18.2 tons)
Exports of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines
In 2022, overseas shipments of spices; fruits of the genus capsicum or pimenta, crushed or ground decreased by -70.5% to 119 tons, falling for the second year in a row after two years of growth. In general, exports, however, continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 1,493% against the previous year. As a result, the exports reached the peak of 735 tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.
In value terms, exports of spices; fruits of the genus capsicum or pimenta, crushed or ground fell remarkably to $416K in 2022. Over the period under review, exports, however, posted strong growth. The pace of growth appeared the most rapid in 2020 with an increase of 735%. As a result, the exports reached the peak of $2.3M. From 2021 to 2022, the growth of the exports of remained at a lower figure.
| Export of Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Thailand | 262 | 2,273 | 1,371 | 231 | -4.1% |
| Pakistan | N/A | N/A | N/A | 131 | 0% |
| China | N/A | N/A | 16.8 | 51.7 | 207.7% |
| Others | 11.5 | 11.5 | 51.2 | 1.7 | -47.1% |
| Total | 274 | 2,285 | 1,439 | 416 | 14.9% |
Top Export Markets for Spices; Fruits of the Genus Capsicum or Pimenta, Crushed or Ground from the Philippines in 2022:
- Thailand (66.5 tons)
- Pakistan (37.6 tons)
- China (14.9 tons)
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