Price for Spices; Mixtures of 2 or More Products of the Same Heading in the United States - 2023
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in the United States (CIF) - 2023
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in the United States (FOB) - 2023
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in the United States
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in the United States
Price for Spices; Mixtures of 2 or More Products of the Same Heading in the United States (CIF) - 2023
The average import price for spices; mixtures of 2 or more products of the same heading stood at $4,251 per ton in December 2023, picking up by 5.2% against the previous month. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in August 2023 when the average import price increased by 12% against the previous month. The import price peaked at $4,517 per ton in February 2023; however, from March 2023 to December 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Colombia ($5,365 per ton), while the price for Egypt ($2,777 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 Vietnam (+4.9%), 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 United States (FOB) - 2023
In December 2023, the average export price for spices; mixtures of 2 or more products of the same heading amounted to $5,400 per ton, approximately reflecting the previous month. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in April 2023 an increase of 20% m-o-m. Over the period under review, the average export prices attained the peak figure at $6,004 per ton in August 2023; however, from September 2023 to December 2023, the export prices stood at a somewhat lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Colombia ($8,213 per ton), while the average price for exports to the Philippines ($1,822 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 Turkey (+3.4%), 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 the United States
In 2022, overseas purchases of spices; mixtures of 2 or more products of the same heading decreased by -11.8% to 26K tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +6.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 21% against the previous year.
In value terms, imports of spices; mixtures of 2 or more products of the same heading declined to $104M in 2022. The total import value increased at an average annual rate of +5.1% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 12%. As a result, imports attained the peak of $111M, and then contracted in the following year.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Turkey | 23.4 | 26.2 | 32.5 | 26.3 | 4.0% |
| India | 11.0 | 14.0 | 16.4 | 14.0 | 8.4% |
| Mexico | 10.4 | 8.6 | 9.2 | 8.9 | -5.1% |
| Egypt | 2.8 | 4.3 | 6.3 | 6.5 | 32.4% |
| Costa Rica | 3.2 | 3.8 | 4.7 | 5.8 | 21.9% |
| Colombia | 5.0 | 3.4 | 3.7 | 5.5 | 3.2% |
| Spain | 3.2 | 3.8 | 3.9 | 4.0 | 7.7% |
| Vietnam | 1.4 | 1.5 | 2.0 | 2.2 | 16.3% |
| Thailand | 1.8 | 1.7 | 2.3 | 2.1 | 5.3% |
| Morocco | 2.1 | 2.3 | 1.2 | 0.8 | -27.5% |
| Others | 24.9 | 29.0 | 28.7 | 27.3 | 3.1% |
| Total | 89.1 | 98.7 | 111 | 104 | 5.3% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to the United States in 2022:
- Turkey (6.8K tons)
- India (5.0K tons)
- Mexico (2.4K tons)
- Egypt (2.2K tons)
- Costa Rica (1.8K tons)
- Colombia (1.2K tons)
- Vietnam (0.8K tons)
- Spain (0.8K tons)
- Thailand (0.6K tons)
- Morocco (0.1K tons)
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in the United States
For the fourth consecutive year, the United States recorded growth in shipments abroad of spices; mixtures of 2 or more products of the same heading, which increased by 14% to 9.3K tons in 2022. Overall, total exports indicated resilient growth from 2019 to 2022: its volume increased at an average annual rate of +19.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +69.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 39%. The exports peaked 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 expanded sharply to $47M in 2022. In general, total exports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +20.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 when exports increased by 44% against the previous year. Over the period under review, the exports of spices; mixtures of 2 or more products of same heading hit record highs in 2022 and are likely to see steady growth in years to come.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Saudi Arabia | 1.5 | 10.0 | 9.2 | 13.1 | 105.9% |
| Canada | 4.9 | 6.3 | 7.5 | 7.0 | 12.6% |
| Ghana | 1.2 | 1.2 | 1.2 | 1.8 | 14.5% |
| Dominican Republic | 0.7 | 0.9 | 2.1 | 1.8 | 37.0% |
| Peru | 1.1 | 1.7 | 2.0 | 1.5 | 10.9% |
| Belize | N/A | 0.8 | 1.3 | 1.4 | 32.3% |
| Mexico | 0.6 | 0.7 | 0.6 | 1.4 | 32.6% |
| Japan | 0.4 | 0.4 | 0.6 | 1.4 | 51.8% |
| Philippines | 0.6 | 1.1 | 0.6 | 1.3 | 29.4% |
| Honduras | 0.2 | 0.6 | 1.1 | 1.2 | 81.7% |
| Barbados | 0.6 | 0.6 | 0.8 | 1.1 | 22.4% |
| Jamaica | 0.9 | 0.7 | 0.8 | 0.8 | -3.9% |
| Sierra Leone | N/A | N/A | N/A | 0.5 | 0% |
| Others | 14.2 | 13.7 | 14.1 | 12.7 | -3.7% |
| Total | 26.9 | 38.8 | 41.8 | 46.9 | 20.4% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from the United States in 2022:
- Saudi Arabia (2216.0 tons)
- Canada (1355.5 tons)
- Philippines (519.9 tons)
- Belize (412.5 tons)
- Dominican Republic (402.4 tons)
- Ghana (369.1 tons)
- Barbados (292.2 tons)
- Japan (278.4 tons)
- Honduras (272.2 tons)
- Mexico (262.4 tons)
- Peru (244.6 tons)
- Sierra Leone (161.7 tons)
- Jamaica (161.3 tons)
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