Price for Spices; Nutmeg, Neither Crushed Nor Ground in the United States - 2023

Contents:

1. Price for Spices; Nutmeg, Neither Crushed Nor Ground in the United States (CIF) - 2023
2. Price for Spices; Nutmeg, Neither Crushed Nor Ground in the United States (FOB) - 2022
3. Imports of Spices; Nutmeg, Neither Crushed Nor Ground in the United States
4. Exports of Spices; Nutmeg, Neither Crushed Nor Ground in the United States

Price for Spices; Nutmeg, Neither Crushed Nor Ground in the United States (CIF) - 2023

The average import price for spices; nutmeg, neither crushed nor ground stood at $9,444 per ton in December 2023, shrinking by -6.4% against the previous month. In general, the import price continues to indicate a slight descent. The pace of growth appeared the most rapid in November 2023 an increase of 53% month-to-month. Over the period under review, average import prices attained the maximum at $11,089 per ton in May 2023; however, from June 2023 to December 2023, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In December 2023, the country with the highest price was Sri Lanka ($11,066 per ton), while the price for India ($8,636 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 Indonesia (-0.7%), while the prices for the other major suppliers experienced a decline.

Price for Spices; Nutmeg, Neither Crushed Nor Ground in the United States (FOB) - 2022

In 2022, the average export price for spices; nutmeg, neither crushed nor ground amounted to $8,754 per ton, rising by 29% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 44%. Over the period under review, the average export prices hit record highs at $10,071 per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the Dominican Republic ($12,562 per ton), while the average price for exports to Mexico ($4,969 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 China (+9.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Spices; Nutmeg, Neither Crushed Nor Ground in the United States

In 2022, the amount of spices; nutmeg, neither crushed nor ground imported into the United States fell to 669 tons, reducing by -8.7% on 2021 figures. Overall, total imports indicated a slight increase from 2019 to 2022: its volume increased at an average annual rate of +1.7% 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 +44.3% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 58%. As a result, imports attained the peak of 734 tons, and then reduced in the following year.

In value terms, imports of spices; nutmeg, neither crushed nor ground soared to $5.9M in 2022. In general, imports, however, posted a strong increase. The most prominent rate of growth was recorded in 2021 with an increase of 82% against the previous year. Over the period under review, imports of hit record highs in 2022 and are expected to retain growth in the immediate term.

Top Suppliers of Spices; Nutmeg, Neither Crushed Nor Ground to the United States in 2022:

1. Indonesia (549.3 tons)
2. India (99.7 tons)
3. Sri Lanka (10.4 tons)

Exports of Spices; Nutmeg, Neither Crushed Nor Ground in the United States

In 2022, the amount of spices; nutmeg, neither crushed nor ground exported from the United States soared to 47 tons, increasing by 40% compared with 2021. Over the period under review, exports enjoyed a strong increase. The pace of growth appeared the most rapid in 2021 with an increase of 76% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, exports of spices; nutmeg, neither crushed nor ground soared to $408K in 2022. Overall, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Top Export Markets for Spices; Nutmeg, Neither Crushed Nor Ground from the United States in 2022:

1. Canada (32.0 tons)
2. Mexico (6.0 tons)
3. China (5.0 tons)
4. Dominican Republic (1.5 tons)
5. Trinidad and Tobago (1.2 tons)

Source: IndexBox Market Intelligence Platform