Price for Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines - 2023
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines (CIF) - 2022
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines (FOB) - 2022
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines
Price for Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines (CIF) - 2022
In 2022, the average import price for spices; mixtures of 2 or more products of the same heading amounted to $4,746 per ton, declining by -7% against the previous year. Over the period under review, the import price, however, saw prominent growth. The growth pace was the most rapid in 2016 an increase of 132% against the previous year. The import price peaked at $5,101 per ton in 2021, and then dropped in the following year.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($4,770 per ton), while the price for Hong Kong SAR ($2,231 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bolivia (+48.3%), 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 the Philippines (FOB) - 2022
The average export price for spices; mixtures of 2 or more products of the same heading stood at $4,238 per ton in 2022, dropping by -13.1% against the previous year. Overall, the export price, however, continues to indicate a remarkable increase. The most prominent rate of growth was recorded in 2020 an increase of 49%. The export price peaked at $4,877 per ton in 2021, and then declined in the following year.
Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Hong Kong SAR ($4,241 per ton) and Singapore ($4,239 per ton), while the average price for exports to Malaysia ($4,235 per ton) and New Zealand ($4,237 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+21.2%), 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 the Philippines
In 2022, purchases abroad of spices; mixtures of 2 or more products of the same heading was finally on the rise to reach 648 tons for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, recorded a sharp decline.
In value terms, imports of spices; mixtures of 2 or more products of the same heading skyrocketed to $3.1M in 2022. Over the period under review, imports, however, showed a perceptible reduction.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 652 | 418 | 367 | 938 | 12.9% |
| Turkey | 639 | 677 | 791 | 721 | 4.1% |
| Vietnam | 831 | 1,016 | 507 | 491 | -16.1% |
| Spain | 321 | 202 | 240 | 454 | 12.2% |
| Cote d'Ivoire | 89.6 | 189 | 251 | 236 | 38.1% |
| United States | 65.2 | 89.8 | 103 | 106 | 17.6% |
| Georgia | N/A | 62.2 | 130 | 67.9 | 4.5% |
| China | 65.7 | 9.8 | 35.5 | 2.3 | -67.3% |
| Bolivia | 230 | 88.2 | N/A | N/A | -61.7% |
| Others | 487 | 375 | 217 | 56.1 | -51.3% |
| Total | 3,382 | 3,127 | 2,641 | 3,073 | -3.1% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to the Philippines in 2022:
- India (196.7 tons)
- Turkey (151.2 tons)
- Vietnam (103.0 tons)
- Spain (95.3 tons)
- Cote d'Ivoire (49.4 tons)
- United States (22.3 tons)
- Georgia (14.2 tons)
- China (0.5 tons)
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines
Exports of spices; mixtures of 2 or more products of the same heading from the Philippines surged to 24 tons in 2022, rising by 29% on the previous year's figure. In general, exports enjoyed significant growth. The most prominent rate of growth was recorded in 2020 when exports increased by 1,285%. As a result, the exports reached the peak of 45 tons. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.
In value terms, exports of spices; mixtures of 2 or more products of the same heading rose rapidly to $101K in 2022. Overall, exports posted a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 1,958%. As a result, the exports attained the peak of $176K. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Papua New Guinea | N/A | N/A | N/A | 28.0 | 0% |
| Australia | N/A | 6.4 | 1.3 | 17.4 | 64.9% |
| Singapore | N/A | 0.5 | 27.4 | 13.0 | 409.9% |
| New Zealand | N/A | N/A | 0.2 | 9.8 | 4800.0% |
| Canada | N/A | 0.2 | N/A | 8.7 | 559.5% |
| United States | 0.3 | 61.1 | 3.4 | 7.4 | 191.1% |
| Hong Kong SAR | 0.1 | 3.2 | 3.0 | 3.4 | 224.0% |
| Malaysia | N/A | N/A | 7.3 | 2.5 | -65.8% |
| United Arab Emirates | 7.0 | 25.8 | 34.9 | 2.4 | -30.0% |
| Qatar | N/A | 75.6 | N/A | N/A | 0% |
| Others | 1.1 | 3.4 | 12.1 | 8.2 | 95.3% |
| Total | 8.6 | 176 | 89.6 | 101 | 127.3% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from the Philippines in 2022:
- Papua New Guinea (6.6 tons)
- Australia (4.1 tons)
- Singapore (3.1 tons)
- New Zealand (2.3 tons)
- Canada (2.1 tons)
- United States (1.7 tons)
- Hong Kong SAR (0.8 tons)
- United Arab Emirates (0.6 tons)
- Malaysia (0.6 tons)
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