Price for Spices; Mixtures of 2 or More Products of the Same Heading in Singapore - 2022
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Singapore (CIF) - 2022
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Singapore (FOB) - 2022
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Singapore
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Singapore
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Singapore (CIF) - 2022
The average import price for spices; mixtures of 2 or more products of the same heading stood at $2,732 per ton in 2022, leveling off at the previous year. Over the period under review, the import price posted a strong expansion. The most prominent rate of growth was recorded in 2018 when the average import price increased by 76% against the previous year. The import price peaked at $3,078 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($11,395 per ton), while the price for the Philippines ($1,410 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+16.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Singapore (FOB) - 2022
The average export price for spices; mixtures of 2 or more products of the same heading stood at $5,831 per ton in 2022, which is down by -6.1% against the previous year. Overall, the export price, however, posted a prominent increase. The most prominent rate of growth was recorded in 2019 when the average export price increased by 33%. The export price peaked at $7,548 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Korea ($7,899 per ton), while the average price for exports to the Philippines ($1,485 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+18.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Singapore
In 2022, imports of spices; mixtures of 2 or more products of the same heading into Singapore amounted to 780 tons, picking up by 2% compared with the previous year's figure. Overall, total imports indicated significant growth from 2019 to 2022: its volume increased at an average annual rate of +24.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +93.9% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 47% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, imports of spices; mixtures of 2 or more products of the same heading rose modestly to $2.1M in 2022. In general, total imports indicated a resilient expansion from 2019 to 2022: its value increased at an average annual rate of +19.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +72.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 43%. Imports peaked in 2022 and are expected to retain growth in the immediate term.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 66.5 | 105 | 193 | 438 | 87.4% |
| India | 200 | 280 | 348 | 372 | 23.0% |
| China | 245 | 301 | 358 | 336 | 11.1% |
| Philippines | N/A | 172 | 308 | 291 | 30.1% |
| United Arab Emirates | 361 | 496 | 352 | 82.7 | -38.8% |
| Bangladesh | 40.2 | 19.4 | 24.7 | 76.0 | 23.7% |
| Indonesia | 75.6 | 57.3 | 70.9 | 64.5 | -5.2% |
| Myanmar | 4.6 | 0.2 | N/A | 41.6 | 108.3% |
| Others | 245 | 334 | 407 | 428 | 20.4% |
| Total | 1,238 | 1,764 | 2,062 | 2,130 | 19.8% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to Singapore in 2022:
- India (245.0 tons)
- Philippines (206.1 tons)
- Malaysia (162.9 tons)
- China (55.1 tons)
- Indonesia (24.7 tons)
- Bangladesh (20.8 tons)
- Myanmar (17.6 tons)
- United Arab Emirates (7.3 tons)
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Singapore
In 2022, exports of spices; mixtures of 2 or more products of the same heading from Singapore skyrocketed to 315 tons, growing by 29% compared with 2021 figures. The total export volume increased at an average annual rate of +11.1% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 37% against the previous year. Over the period under review, the exports of spices; mixtures of 2 or more products of same heading attained the peak figure in 2022 and are expected to retain growth in the near future.
In value terms, exports of spices; mixtures of 2 or more products of the same heading soared to $1.8M in 2022. In general, total exports indicated a strong increase from 2019 to 2022: its value increased at an average annual rate of +5.7% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by -22.7% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 53%. As a result, the exports attained the peak of $2.4M. From 2021 to 2022, the growth of the exports of failed to regain momentum.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 305 | 213 | 246 | 263 | -4.8% |
| Fiji | 9.2 | 15.9 | 54.7 | 167 | 162.8% |
| Papua New Guinea | 270 | 337 | 95.9 | 143 | -19.1% |
| Indonesia | 72.7 | 43.7 | 79.3 | 104 | 12.7% |
| Brunei Darussalam | 13.7 | 25.8 | 73.7 | 95.5 | 91.0% |
| Taiwan (Chinese) | 54.5 | 32.4 | 49.9 | 50.4 | -2.6% |
| Philippines | 18.7 | 47.2 | 89.6 | 48.7 | 37.6% |
| Vietnam | 105 | 45.7 | 43.3 | 27.3 | -36.2% |
| France | 29.6 | 51.6 | 22.7 | 23.4 | -7.5% |
| South Korea | 113 | 73.9 | 89.6 | 2.9 | -70.5% |
| Germany | N/A | 372 | 7.6 | N/A | -98.0% |
| Others | 566 | 1,118 | 663 | 913 | 17.3% |
| Total | 1,558 | 2,377 | 1,515 | 1,838 | 5.7% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from Singapore in 2022:
- Fiji (78.5 tons)
- Papua New Guinea (49.6 tons)
- Malaysia (34.0 tons)
- Philippines (32.8 tons)
- Indonesia (29.2 tons)
- France (15.6 tons)
- Brunei Darussalam (15.0 tons)
- Taiwan (Chinese) (9.2 tons)
- Vietnam (4.6 tons)
- South Korea (0.4 tons)
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