Price for Spices; Mace, Neither Crushed Nor Ground in Pakistan - 2023

Price for Spices; Mace, Neither Crushed Nor Ground in Pakistan (CIF) - 2023

The average import price for spices; mace, neither crushed nor ground stood at $12,382 per ton in July 2023, increasing by 32% against the previous month. Over the period under review, import price indicated slight growth from July 2022 to July 2023: its price increased at an average monthly rate of +1.3% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, import price for spices; mace, neither crushed nor ground increased by +284.7% against February 2023 indices. The growth pace was the most rapid in March 2023 when the average import price increased by 177% against the previous month. The import price peaked in July 2023.

As there is only one major supplying country, the average price level is determined by prices for Indonesia.

From July 2022 to July 2023, the rate of growth in terms of prices for Indonesia amounted to +1.3% per month.

Price for Spices; Mace, Neither Crushed Nor Ground in Pakistan (FOB) - 2022

In 2022, the average export price for spices; mace, neither crushed nor ground amounted to $28,868 per ton, growing by 797% against the previous year. Overall, the export price saw a relatively flat trend pattern. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Hong Kong SAR.

From 2012 to 2022, the rate of growth in terms of prices for the UK amounted to +9.2% per year.

Imports of Spices; Mace, Neither Crushed Nor Ground in Pakistan

In 2022, supplies from abroad of spices; mace, neither crushed nor ground decreased by -27.5% to 279 tons for the first time since 2018, thus ending a three-year rising trend. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 19% against the previous year.

In value terms, imports of spices; mace, neither crushed nor ground fell remarkably to $2.8M in 2022. Overall, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2021 with an increase of 61%. As a result, imports attained the peak of $3.5M, and then reduced sharply in the following year.

Import of Spices; Mace, Neither Crushed Nor Ground in Pakistan (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Indonesia	1,455	1,867	1,575	2,832	24.9%
Sri Lanka	25.8	51.7	37.7	N/A	20.9%
China	96.6	144	72.0	N/A	-13.7%
United Arab Emirates	35.0	45.4	27.2	N/A	-11.8%
Singapore	78.1	52.7	16.4	N/A	-54.2%
Others	N/A	N/A	1,747	4.3	-99.8%
Total	1,690	2,161	3,475	2,836	18.8%

Top Suppliers of Spices; Mace, Neither Crushed Nor Ground to Pakistan in 2022:

Indonesia (278.6 tons)

Exports of Spices; Mace, Neither Crushed Nor Ground in Pakistan

After three years of growth, overseas shipments of spices; mace, neither crushed nor ground decreased by -98.7% to 38 kg in 2022. Over the period under review, exports continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2021 with an increase of 2,144%. As a result, the exports reached the peak of 2.9 tons, and then declined notably in the following year.

In value terms, exports of spices; mace, neither crushed nor ground reduced dramatically to $1.1K in 2022. In general, exports, however, showed a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 1,833%. As a result, the exports attained the peak of $9.3K, and then reduced rapidly in the following year.