Price for Spices; Ginger, Neither Crushed Nor Ground in Malaysia - 2024
Contents:
- Price for Spices; Ginger, Neither Crushed Nor Ground in Malaysia (CIF) - 2024
- Price for Spices; Ginger, Neither Crushed Nor Ground in Malaysia (FOB) - 2024
- Imports of Spices; Ginger, Neither Crushed Nor Ground in Malaysia
- Exports of Spices; Ginger, Neither Crushed Nor Ground in Malaysia
Price for Spices; Ginger, Neither Crushed Nor Ground in Malaysia (CIF) - 2024
In January 2024, the average import price for spices; ginger, neither crushed nor ground amounted to $718 per ton, picking up by 7% against the previous month. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 when the average import price increased by 31% against the previous month. Over the period under review, average import prices reached the maximum at $1,059 per ton in April 2023; however, from May 2023 to January 2024, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In January 2024, the country with the highest price was China ($1,202 per ton), while the price for Indonesia ($214 per ton) was amongst the lowest.
From January 2023 to January 2024, the most notable rate of growth in terms of prices was attained by Vietnam (+4.9%), while the prices for the other major suppliers experienced a decline.
Price for Spices; Ginger, Neither Crushed Nor Ground in Malaysia (FOB) - 2024
The average export price for spices; ginger, neither crushed nor ground stood at $1,186 per ton in January 2024, increasing by 1.7% against the previous month. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 an increase of 30% m-o-m. The export price peaked at $1,901 per ton in August 2023; however, from September 2023 to January 2024, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Singapore.
From January 2023 to January 2024, the rate of growth in terms of prices for Brunei Darussalam amounted to +1.3% per month.
Imports of Spices; Ginger, Neither Crushed Nor Ground in Malaysia
In 2022, the amount of spices; ginger, neither crushed nor ground imported into Malaysia expanded remarkably to 39K tons, rising by 6.5% on the year before. Over the period under review, imports, however, recorded a slight downturn. The pace of growth was the most pronounced in 2021 with an increase of 8.5%.
In value terms, imports of spices; ginger, neither crushed nor ground fell dramatically to $21M in 2022. In general, imports, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2020 when imports increased by 28% against the previous year. As a result, imports attained the peak of $37M. From 2021 to 2022, the growth of imports of remained at a lower figure.
| Import of Spices; Ginger, Neither Crushed Nor Ground in Malaysia (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 19.2 | 32.5 | 24.8 | 14.7 | -8.5% |
| Thailand | 9.2 | 4.0 | 4.1 | 5.1 | -17.9% |
| Indonesia | 0.4 | 0.1 | 0.3 | 0.6 | 14.5% |
| Others | 0.3 | 0.6 | 0.5 | 0.1 | -30.7% |
| Total | 29.2 | 37.2 | 29.7 | 20.5 | -11.1% |
Top Suppliers of Spices; Ginger, Neither Crushed Nor Ground to Malaysia in 2022:
- China (19.0K tons)
- Thailand (17.2K tons)
- Indonesia (2.5K tons)
Exports of Spices; Ginger, Neither Crushed Nor Ground in Malaysia
After three years of growth, overseas shipments of spices; ginger, neither crushed nor ground decreased by -63% to 991 tons in 2022. Over the period under review, exports showed a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of 28% against the previous year. As a result, the exports reached the peak of 2.7K tons, and then fell sharply in the following year.
In value terms, exports of spices; ginger, neither crushed nor ground declined remarkably to $1.9M in 2022. In general, exports showed a abrupt descent. The most prominent rate of growth was recorded in 2021 when exports increased by 43% against the previous year. As a result, the exports reached the peak of $3.9M, and then dropped remarkably in the following year.
| Export of Spices; Ginger, Neither Crushed Nor Ground in Malaysia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 2,071 | 1,718 | 2,688 | 1,912 | -2.6% |
| Bangladesh | 0.5 | 1.0 | 1.5 | 2.9 | 79.7% |
| United Kingdom | N/A | 7.8 | N/A | 2.9 | -39.0% |
| China | 42.1 | 32.7 | 31.2 | N/A | -13.9% |
| India | 73.2 | 593 | 829 | N/A | 236.5% |
| Indonesia | 87.5 | 31.2 | 79.6 | N/A | -4.6% |
| Oman | N/A | 32.8 | N/A | N/A | 0% |
| Others | 217 | 269 | 222 | 23.0 | -52.7% |
| Total | 2,492 | 2,686 | 3,850 | 1,941 | -8.0% |
Top Export Markets for Spices; Ginger, Neither Crushed Nor Ground from Malaysia in 2022:
- Singapore (945.3 tons)
- United Kingdom (23.0 tons)
- Bangladesh (19.8 tons)
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