Price for Spices; Mixtures of 2 or More Products of the Same Heading in China - 2023
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in China (FOB) - 2023
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in China (CIF) - 2023
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in China
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in China
Price for Spices; Mixtures of 2 or More Products of the Same Heading in China (FOB) - 2023
The average export price for spices; mixtures of 2 or more products of the same heading stood at $7,611 per ton in December 2023, declining by -18.9% against the previous month. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in January 2023 an increase of 46% month-to-month. As a result, the export price attained the peak level of $12,241 per ton. From February 2023 to December 2023, the the average export prices remained at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In December 2023, the country with the highest price was Belgium ($15,935 per ton), while the average price for exports to South Korea ($2,942 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Thailand (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in China (CIF) - 2023
In December 2023, the average import price for spices; mixtures of 2 or more products of the same heading amounted to $3,759 per ton, growing by 52% against the previous month. In general, the import price enjoyed temperate growth. The most prominent rate of growth was recorded in July 2023 when the average import price increased by 67% m-o-m. The import price peaked in December 2023.
There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was Turkey ($4,267 per ton), while the price for India ($855 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Turkey (+10.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in China
In 2022, shipments abroad of spices; mixtures of 2 or more products of the same heading decreased by -31.8% to 7K tons for the first time since 2018, thus ending a three-year rising trend. Overall, exports saw a slight slump. The most prominent rate of growth was recorded in 2021 when exports increased by 22% against the previous year. As a result, the exports attained the peak of 10K tons, and then contracted significantly in the following year.
In value terms, exports of spices; mixtures of 2 or more products of the same heading contracted markedly to $67M in 2022. Over the period under review, total exports indicated a moderate expansion from 2019 to 2022: its value increased at an average annual rate of +3.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when exports increased by 26%. As a result, the exports attained the peak of $96M, and then shrank notably in the following year.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in China (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 15.3 | 31.2 | 48.8 | 27.6 | 21.7% |
| Japan | 11.8 | 7.0 | 9.7 | 8.8 | -9.3% |
| Taiwan (Chinese) | 8.2 | 8.0 | 11.7 | 8.5 | 1.2% |
| United States | 2.9 | 3.0 | 3.2 | 3.6 | 7.5% |
| Hong Kong SAR | 5.9 | 6.8 | 2.2 | 2.6 | -23.9% |
| Kazakhstan | 5.1 | 3.7 | 3.2 | 2.4 | -22.2% |
| Thailand | 2.3 | 4.8 | 4.1 | 1.9 | -6.2% |
| South Korea | 0.4 | 0.5 | 0.6 | 1.5 | 55.4% |
| United Kingdom | 0.5 | 0.9 | 1.5 | 1.4 | 40.9% |
| Spain | 1.9 | 1.5 | 2.2 | 1.4 | -9.7% |
| Vietnam | 0.6 | 1.3 | 0.2 | 0.7 | 5.3% |
| Turkey | 0.3 | 0.4 | N/A | N/A | 33.3% |
| Others | 6.5 | 7.0 | 8.6 | 7.0 | 2.5% |
| Total | 61.7 | 76.3 | 96.0 | 67.4 | 3.0% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from China in 2022:
- Malaysia (1937.3 tons)
- Spain (1075.6 tons)
- Taiwan (Chinese) (630.8 tons)
- Japan (558.2 tons)
- United States (554.3 tons)
- Hong Kong SAR (316.8 tons)
- South Korea (315.2 tons)
- Vietnam (265.0 tons)
- Thailand (228.1 tons)
- United Kingdom (206.8 tons)
- Kazakhstan (152.7 tons)
- Turkey (4.9 tons)
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in China
For the fourth year in a row, China recorded growth in overseas purchases of spices; mixtures of 2 or more products of the same heading, which increased by 34% to 17K tons in 2022. Over the period under review, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 143%. Imports peaked in 2022 and are likely to see gradual growth in the immediate term.
In value terms, imports of spices; mixtures of 2 or more products of the same heading surged to $27M in 2022. In general, imports saw significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 125% against the previous year. Over the period under review, imports of spices; mixtures of 2 or more products of same heading hit record highs in 2022 and are expected to retain growth in the near future.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in China (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Georgia | 3.2 | 7.4 | 10.1 | 11.6 | 53.6% |
| Myanmar | N/A | 2.5 | N/A | 6.9 | 66.1% |
| India | 1.2 | 4.0 | 2.6 | 3.9 | 48.1% |
| Turkey | 0.5 | 0.5 | 0.9 | 2.0 | 58.7% |
| Vietnam | N/A | N/A | 0.4 | 0.6 | 50.0% |
| Others | 2.9 | 3.2 | 2.9 | 2.2 | -8.8% |
| Total | 7.8 | 17.6 | 17.0 | 27.3 | 51.8% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to China in 2022:
- Georgia (9.1K tons)
- India (3.9K tons)
- Myanmar (2.2K tons)
- Turkey (0.7K tons)
- Vietnam (0.4K tons)
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