Price for Spices; Mixtures of 2 or More Products of the Same Heading in Thailand - 2024
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Thailand (FOB) - 2024
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Thailand (CIF) - 2022
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Thailand
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Thailand
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Thailand (FOB) - 2024
The average export price for spices; mixtures of 2 or more products of the same heading stood at $3,904 per ton in January 2024, with an increase of 5.2% against the previous month. Over the period from January 2023 to January 2024, it increased at an average monthly rate of +1.2%. The pace of growth was the most pronounced in July 2023 when the average export price increased by 36% m-o-m. The export price peaked at $4,123 per ton in March 2023; however, from April 2023 to January 2024, the export prices failed to regain momentum.
There were significant differences in the average prices for the major overseas markets. In January 2024, the country with the highest price was the United States ($16,614 per ton), while the average price for exports to Cambodia ($1,289 per ton) was amongst the lowest.
From January 2023 to January 2024, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+14.8%), 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 Thailand (CIF) - 2022
The average import price for spices; mixtures of 2 or more products of the same heading stood at $4,408 per ton in 2022, increasing by 43% against the previous year. Overall, the import price, however, showed a mild setback. Over the period under review, average import prices attained the maximum at $5,204 per ton in 2018; however, from 2019 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 Japan ($27,297 per ton), while the price for India ($2,760 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+9.5%), 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 Thailand
For the fourth consecutive year, Thailand recorded growth in shipments abroad of spices; mixtures of 2 or more products of the same heading, which increased by 12% to 2.7K tons in 2022. The total export volume increased at an average annual rate of +12.0% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.
In value terms, exports of spices; mixtures of 2 or more products of the same heading amounted to $9M in 2022. The total export value increased at an average annual rate of +10.6% 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 2021 with an increase of 33% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in Thailand (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 832 | 1,002 | 1,334 | 1,205 | 13.1% |
| Netherlands | 581 | 890 | 642 | 841 | 13.1% |
| South Korea | 330 | 319 | 416 | 793 | 33.9% |
| United States | 569 | 600 | 823 | 738 | 9.1% |
| Taiwan (Chinese) | 457 | 287 | 247 | 535 | 5.4% |
| France | 606 | 262 | 786 | 461 | -8.7% |
| Myanmar | 13.4 | 47.1 | 192 | 442 | 220.7% |
| Belgium | 6.1 | 107 | 419 | 438 | 315.6% |
| Japan | 624 | 473 | 478 | 434 | -11.4% |
| Cambodia | 129 | 142 | 269 | 298 | 32.2% |
| Hong Kong SAR | 24.4 | 32.9 | 128 | 236 | 113.1% |
| Lao People's Democratic Republic | 14.9 | 117 | 161 | 87.7 | 80.6% |
| China | 304 | 521 | 490 | 35.0 | -51.4% |
| Others | 2,152 | 1,448 | 1,913 | 2,434 | 4.2% |
| Total | 6,643 | 6,249 | 8,297 | 8,978 | 10.6% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from Thailand in 2022:
- South Korea (394.3 tons)
- United Kingdom (375.7 tons)
- Myanmar (293.7 tons)
- Belgium (198.7 tons)
- Lao People's Democratic Republic (194.4 tons)
- Taiwan (Chinese) (176.2 tons)
- Cambodia (154.5 tons)
- Netherlands (150.3 tons)
- United States (123.5 tons)
- France (117.3 tons)
- Hong Kong SAR (107.7 tons)
- Japan (79.9 tons)
- China (4.2 tons)
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Thailand
In 2022, overseas purchases of spices; mixtures of 2 or more products of the same heading decreased by -48.4% to 841 tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 115% against the previous year. As a result, imports attained the peak of 1.6K tons, and then declined sharply in the following year.
In value terms, imports of spices; mixtures of 2 or more products of the same heading contracted sharply to $3.7M in 2022. In general, total imports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +6.4% 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 +20.4% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 48% against the previous year. As a result, imports reached the peak of $5M, and then declined sharply in the following year.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in Thailand (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 1,061 | 1,732 | 1,920 | 1,097 | 1.1% |
| India | 425 | 378 | 627 | 767 | 21.7% |
| Turkey | 330 | 372 | 621 | 573 | 20.2% |
| Spain | 383 | 329 | 347 | 318 | -6.0% |
| Malaysia | 356 | 181 | 295 | 275 | -8.2% |
| United Kingdom | 14.9 | 29.3 | 136 | 115 | 97.6% |
| Egypt | 142 | 56.5 | 130 | 56.0 | -26.7% |
| Cambodia | N/A | N/A | 489 | N/A | 0% |
| Others | 370 | 312 | 454 | 508 | 11.1% |
| Total | 3,082 | 3,390 | 5,020 | 3,709 | 6.4% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to Thailand in 2022:
- India (277.7 tons)
- China (219.3 tons)
- Turkey (130.3 tons)
- Spain (65.7 tons)
- United Kingdom (38.3 tons)
- Malaysia (32.1 tons)
- Egypt (9.7 tons)
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