Price for Spices; Ginger, Crushed or Ground in Hong Kong SAR - 2023
Contents:
- Price for Spices; Ginger, Crushed or Ground in Hong Kong SAR (CIF) - 2022
- Price for Spices; Ginger, Crushed or Ground in Hong Kong SAR (FOB) - 2022
- Imports of Spices; Ginger, Crushed or Ground in Hong Kong SAR
- Exports of Spices; Ginger, Crushed or Ground in Hong Kong SAR
Price for Spices; Ginger, Crushed or Ground in Hong Kong SAR (CIF) - 2022
In 2022, the average import price for spices; ginger, crushed or ground amounted to $4,594 per ton, surging by 33% against the previous year. Over the period under review, the import price posted a resilient expansion. The pace of growth appeared the most rapid in 2013 an increase of 130% against the previous year. The import price peaked at $7,498 per ton in 2017; however, from 2018 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($15,482 per ton), while the price for India ($2,444 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+27.2%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Ginger, Crushed or Ground in Hong Kong SAR (FOB) - 2022
The average export price for spices; ginger, crushed or ground stood at $11,811 per ton in 2022, growing by 18% against the previous year. In general, the export price saw strong growth. The pace of growth was the most pronounced in 2013 when the average export price increased by 137%. The export price peaked in 2022 and is expected to retain growth in the immediate term.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Ireland ($17,323 per ton), while the average price for exports to Macao SAR ($4,695 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 China (+37.0%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Ginger, Crushed or Ground in Hong Kong SAR
In 2022, overseas purchases of spices; ginger, crushed or ground decreased by -62.8% to 7.6 tons, falling for the second consecutive year after two years of growth. In general, imports faced a sharp descent. The pace of growth appeared the most rapid in 2020 when imports increased by 84% against the previous year. As a result, imports reached the peak of 29 tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, spices; ginger, crushed or ground imports dropped significantly to $35K in 2022. Overall, imports showed a precipitous decline. The growth pace was the most rapid in 2020 with an increase of 41%. As a result, imports attained the peak of $111K. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
| Import of Spices; Ginger, Crushed or Ground in Hong Kong SAR (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Korea | 1.6 | N/A | 4.0 | 8.0 | 71.0% |
| China | 44.1 | 83.5 | 39.3 | 7.6 | -44.4% |
| India | 1.8 | 10.8 | 15.0 | 7.3 | 59.5% |
| Taiwan (Chinese) | 20.6 | 5.3 | 8.5 | 6.7 | -31.2% |
| Germany | N/A | N/A | N/A | 3.3 | 0% |
| Belgium | N/A | 4.4 | N/A | 2.0 | -32.6% |
| Others | 10.4 | 7.2 | 3.7 | N/A | -40.4% |
| Total | 78.6 | 111 | 70.5 | 35.0 | -23.6% |
Top Suppliers of Spices; Ginger, Crushed or Ground to Hong Kong SAR in 2022:
- India (3.0 tons)
- China (2.5 tons)
- Taiwan (Chinese) (1.0 tons)
- South Korea (0.8 tons)
- Germany (0.2 tons)
- Belgium (0.1 tons)
Exports of Spices; Ginger, Crushed or Ground in Hong Kong SAR
In 2022, spices; ginger, crushed or ground exports from Hong Kong SAR expanded remarkably to 6.5 tons, picking up by 8% on the previous year. The total export volume increased at an average annual rate of +10.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 34% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are likely to continue growth in years to come.
In value terms, spices; ginger, crushed or ground exports surged to $77K in 2022. In general, total exports indicated strong growth from 2019 to 2022: its value increased at an average annual rate of +18.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +65.0% against 2019 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 28%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.
| Export of Spices; Ginger, Crushed or Ground in Hong Kong SAR (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 21.2 | 19.5 | 29.0 | 34.7 | 17.9% |
| Ireland | 16.4 | 19.7 | 13.8 | 25.6 | 16.0% |
| Australia | 1.4 | 3.1 | 13.6 | 12.1 | 105.2% |
| New Zealand | N/A | N/A | N/A | 2.5 | 0% |
| Macao SAR | 7.6 | 2.4 | 4.0 | N/A | -27.5% |
| Others | N/A | 2.4 | N/A | 2.2 | -4.3% |
| Total | 46.7 | 47.1 | 60.4 | 77.1 | 18.2% |
Top Export Markets for Spices; Ginger, Crushed or Ground from Hong Kong SAR in 2022:
- Macao SAR (undefined tons)
- United Kingdom (2.3 tons)
- Australia (2.1 tons)
- Ireland (1.5 tons)
- New Zealand (0.3 tons)
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