Price for Spices; Nutmeg, Crushed or Ground in Chile - 2023

Price for Spices; Nutmeg, Crushed or Ground in Chile (CIF) - 2022

In 2022, the average import price for spices; nutmeg, crushed or ground amounted to $8,819 per ton, with an increase of 6% against the previous year. In general, the import price, however, showed a perceptible decrease. The growth pace was the most rapid in 2017 when the average import price increased by 57% against the previous year. The import price peaked at $16,131 per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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 Sri Lanka ($11,840 per ton), while the price for Indonesia ($7,323 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+1.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Spices; Nutmeg, Crushed or Ground in Chile (FOB) - 2022

In 2022, the average export price for spices; nutmeg, crushed or ground amounted to $17,182 per ton, which is down by -1.7% against the previous year. In general, the export price saw a abrupt decline. The most prominent rate of growth was recorded in 2016 when the average export price increased by 78% against the previous year. Over the period under review, the average export prices attained the peak figure at $62,643 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Bolivia.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to +19.6% per year.

Imports of Spices; Nutmeg, Crushed or Ground in Chile

After three years of growth, purchases abroad of spices; nutmeg, crushed or ground decreased by -12.1% to 29 tons in 2022. Over the period under review, imports, however, showed a significant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 360% against the previous year. As a result, imports attained the peak of 33 tons, and then fell in the following year.

In value terms, spices; nutmeg, crushed or ground imports fell to $260K in 2022. Overall, imports, however, continue to indicate a significant expansion. The pace of growth was the most pronounced in 2021 with an increase of 391% against the previous year. As a result, imports attained the peak of $279K, and then reduced in the following year.

Import of Spices; Nutmeg, Crushed or Ground in Chile (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
India	4.6	11.2	81.0	113	190.7%
Indonesia	11.2	5.6	75.3	110	114.2%
Sri Lanka	8.4	5.4	30.6	35.5	61.7%
Singapore	N/A	N/A	61.0	N/A	0%
Others	19.7	34.7	30.9	1.6	-56.7%
Total	44.0	56.8	279	260	80.8%

Top Suppliers of Spices; Nutmeg, Crushed or Ground to Chile in 2022:

Indonesia (15.0 tons)
India (11.3 tons)
Sri Lanka (3.0 tons)

Exports of Spices; Nutmeg, Crushed or Ground in Chile

For the fourth year in a row, Chile recorded growth in shipments abroad of spices; nutmeg, crushed or ground, which increased by 29% to 22 kg in 2022. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2020 with an increase of 75%. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, spices; nutmeg, crushed or ground exports skyrocketed to $378 in 2022. In general, total exports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +17.5% 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 +62.2% against 2019 indices. As a result, the exports reached the peak and are likely to continue growth in the immediate term.