Price for Spices; Ginger, Crushed or Ground in India - 2023
Contents:
- Price for Spices; Ginger, Crushed or Ground in India (FOB) - 2023
- Price for Spices; Ginger, Crushed or Ground in India (CIF) - 2023
- Exports of Spices; Ginger, Crushed or Ground in India
- Imports of Spices; Ginger, Crushed or Ground in India
Price for Spices; Ginger, Crushed or Ground in India (FOB) - 2023
In July 2023, the average export price for spices; ginger, crushed or ground amounted to $3,633 per ton, growing by 23% against the previous month. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in October 2022 when the average export price increased by 28% month-to-month. Over the period under review, the average export prices reached the peak figure at $3,814 per ton in August 2022; however, from September 2022 to July 2023, the export prices remained at a lower figure.
There were significant differences in the average prices for the major external markets. In July 2023, the country with the highest price was the United States ($7,692 per ton), while the average price for exports to Algeria ($881 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+5.5%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Spices; Ginger, Crushed or Ground in India (CIF) - 2023
The average import price for spices; ginger, crushed or ground stood at $1,215 per ton in July 2023, increasing by 21% against the previous month. Overall, the import price, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in August 2022 when the average import price increased by 54% month-to-month. As a result, import price attained the peak level of $2,861 per ton. From September 2022 to July 2023, the average import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for Nigeria.
From July 2022 to July 2023, the rate of growth in terms of prices for Nigeria amounted to -4.0% per month.
Exports of Spices; Ginger, Crushed or Ground in India
In 2022, shipments abroad of spices; ginger, crushed or ground decreased by -9.7% to 5.3K tons for the first time since 2018, thus ending a three-year rising trend. The total export volume increased at an average annual rate of +9.7% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 39%.
In value terms, spices; ginger, crushed or ground exports shrank to $17M in 2022. Over the period under review, total exports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +12.3% 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 +41.6% against 2019 indices. The growth pace was the most rapid in 2020 when exports increased by 41%.
| Export of Spices; Ginger, Crushed or Ground in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 5.0 | 6.5 | 6.2 | 5.3 | 2.0% |
| United Kingdom | 1.4 | 2.1 | 3.1 | 2.6 | 22.9% |
| Australia | 0.8 | 1.1 | 1.4 | 1.2 | 14.5% |
| Canada | 0.5 | 0.6 | 1.0 | 0.9 | 21.6% |
| Morocco | N/A | N/A | 1.0 | 0.9 | -10.0% |
| Netherlands | 0.5 | 0.6 | 0.9 | 0.8 | 17.0% |
| Germany | 0.7 | 1.1 | 0.7 | 0.7 | 0.0% |
| South Africa | 0.5 | 1.0 | 0.6 | 0.6 | 6.3% |
| Bangladesh | N/A | 0.4 | 0.6 | 0.5 | 11.8% |
| United Arab Emirates | 0.1 | 0.1 | 0.5 | 0.4 | 58.7% |
| Algeria | 0.3 | 0.7 | 0.3 | 0.3 | 0.0% |
| Spain | N/A | 0.1 | 0.3 | 0.3 | 73.2% |
| Nepal | 0.1 | 0.2 | 0.1 | 0.1 | 0.0% |
| Others | 2.2 | 2.4 | 3.0 | 2.7 | 7.1% |
| Total | 12.1 | 17.0 | 19.8 | 17.1 | 12.2% |
Top Export Markets for Spices; Ginger, Crushed or Ground from India in 2022:
- United States (1304.6 tons)
- United Kingdom (731.0 tons)
- Morocco (376.3 tons)
- Australia (332.8 tons)
- Algeria (309.9 tons)
- Canada (248.0 tons)
- Netherlands (231.7 tons)
- Germany (215.9 tons)
- South Africa (199.6 tons)
- Bangladesh (183.5 tons)
- United Arab Emirates (170.2 tons)
- Spain (101.8 tons)
- Nepal (89.5 tons)
Imports of Spices; Ginger, Crushed or Ground in India
In 2022, approx. 1.2K tons of spices; ginger, crushed or ground were imported into India; jumping by 154% on the previous year. Overall, imports posted a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, spices; ginger, crushed or ground imports skyrocketed to $2.3M in 2022. In general, imports showed a significant increase. The most prominent rate of growth was recorded in 2020 when imports increased by 91%. Imports peaked in 2022 and are expected to retain growth in the immediate term.
| Import of Spices; Ginger, Crushed or Ground in India (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Nigeria | 375 | 1,257 | 818 | 1,552 | 60.6% |
| Myanmar | 237 | 119 | 185 | 351 | 14.0% |
| United States | 91.3 | 2.7 | 107 | 203 | 30.5% |
| Italy | 10.7 | 33.4 | 39.9 | 75.7 | 92.0% |
| United Arab Emirates | 12.1 | 62.5 | 24.0 | 56.1 | 66.7% |
| Others | 68.2 | 44.3 | 55.0 | 31.7 | -22.5% |
| Total | 794 | 1,519 | 1,229 | 2,270 | 41.9% |
Top Suppliers of Spices; Ginger, Crushed or Ground to India in 2022:
- Nigeria (790.8 tons)
- Myanmar (354.6 tons)
- United States (43.4 tons)
- Italy (23.7 tons)
- United Arab Emirates (23.0 tons)
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