Price for Spices; Ginger, Neither Crushed Nor Ground in Uruguay - 2023
Contents:
- Price for Spices; Ginger, Neither Crushed Nor Ground in Uruguay (CIF) - 2022
- Price for Spices; Ginger, Neither Crushed Nor Ground in Uruguay (FOB) - 2022
- Imports of Spices; Ginger, Neither Crushed Nor Ground in Uruguay
- Exports of Spices; Ginger, Neither Crushed Nor Ground in Uruguay
Price for Spices; Ginger, Neither Crushed Nor Ground in Uruguay (CIF) - 2022
The average import price for spices; ginger, neither crushed nor ground stood at $796 per ton in 2022, reducing by -1.9% against the previous year. Overall, the import price continues to indicate a perceptible downturn. The most prominent rate of growth was recorded in 2014 an increase of 70% against the previous year. As a result, import price attained the peak level of $3,257 per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.
As there is only one major supplying country, the average price level is determined by prices for Brazil.
From 2012 to 2022, the rate of growth in terms of prices for China amounted to -0.5% per year.
Price for Spices; Ginger, Neither Crushed Nor Ground in Uruguay (FOB) - 2022
In 2022, the average export price for spices; ginger, neither crushed nor ground amounted to $5,707 per ton, dropping by -5% against the previous year. Over the period under review, the export price showed a pronounced downturn. The pace of growth appeared the most rapid in 2020 an increase of 50%. The export price peaked at $12,438 per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for the UK.
From 2012 to 2022, the rate of growth in terms of prices for the UK amounted to -3.7% per year.
Imports of Spices; Ginger, Neither Crushed Nor Ground in Uruguay
For the fourth consecutive year, Uruguay recorded growth in purchases abroad of spices; ginger, neither crushed nor ground, which increased by 8.1% to 348 tons in 2022. The total import volume increased at an average annual rate of +7.6% from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 15%. Imports peaked in 2022 and are expected to retain growth in the immediate term.
In value terms, imports of spices; ginger, neither crushed nor ground expanded sharply to $277K in 2022. The total import value increased at an average annual rate of +11.4% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 30% against the previous year. Over the period under review, imports of reached the peak figure in 2022 and are expected to retain growth in the immediate term.
| Import of Spices; Ginger, Neither Crushed Nor Ground in Uruguay (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Brazil | 174 | 184 | 242 | 254 | 13.4% |
| China | 17.5 | 10.2 | 8.2 | N/A | -31.5% |
| Others | 8.9 | 6.8 | 11.0 | 23.6 | 38.4% |
| Total | 201 | 201 | 262 | 277 | 11.3% |
Top Suppliers of Spices; Ginger, Neither Crushed Nor Ground to Uruguay in 2022:
- Brazil (344.8 tons)
Exports of Spices; Ginger, Neither Crushed Nor Ground in Uruguay
In 2022, the amount of spices; ginger, neither crushed nor ground exported from Uruguay soared to 311 kg, growing by 21% compared with the previous year. Over the period under review, total exports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +17.6% 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 +62.8% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 62%. The exports peaked in 2022 and are expected to retain growth in years to come.
In value terms, exports of spices; ginger, neither crushed nor ground surged to $1.8K in 2022. Overall, exports enjoyed a significant expansion. The growth pace was the most rapid in 2020 with an increase of 143%. The exports peaked in 2022 and are likely to see steady growth in the near future.
| Export of Spices; Ginger, Neither Crushed Nor Ground in Uruguay (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 0.7 | 0.2 | 1.5 | 1.8 | 37.0% |
| Spain | N/A | 1.5 | N/A | N/A | 0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 0.7 | 1.7 | 1.5 | 1.8 | 37.0% |
Top Export Markets for Spices; Ginger, Neither Crushed Nor Ground from Uruguay in 2022:
- United Kingdom (311.0 kg)
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The global ginger market is forecast to reach USD 10.3 billion by 2030, growing at a CAGR of 4.7% during the forecast period (2022-2030).
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In the wake of the pandemic, the ginger market has accelerated its growth as demand for foods with a reputation for immunity system health has soared to unprecedented heights. India, which almost tripled its export of ginger in 2020, may become a serious competitor to the main global supplier - China. The majority of the developed countries have increased the volume of imports, which, in the context of Covid restrictions and a shortage of container traffic, has led to an increase in prices for the product.
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The global ginger market revenue amounted to $5.3B in 2018, jumping by 2.8% against the previous year. This figure...
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