Spices; Mixtures Price in the Philippines - 2023
Contents:
- Spices; Mixtures Price in the Philippines (CIF) - 2022
- Spices; Mixtures Price in the Philippines (FOB) - 2022
- Spices; Mixtures Imports in the Philippines
- Spices; Mixtures Exports in the Philippines
Spices; Mixtures Price in the Philippines (CIF) - 2022
The average spices; mixtures import price stood at $6,510 per ton in 2022, rising by 2.6% against the previous year. Over the period under review, the import price posted a resilient expansion. The growth pace was the most rapid in 2020 when the average import price increased by 140% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Vietnam ($6,510 per ton) and India ($6,510 per ton), while the price for Singapore ($6,510 per ton) and Malaysia ($6,510 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+33.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Mixtures Price in the Philippines (FOB) - 2022
The average spices; mixtures export price stood at $5,990 per ton in 2022, picking up by 41% against the previous year. Overall, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spices; mixtures export price increased by +51.5% against 2019 indices. The export price peaked at $6,570 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($5,990 per ton), while the average price for exports to Singapore stood at $5,990 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+10.1%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Mixtures Imports in the Philippines
In 2022, approx. 123 tons of spices; mixtureses were imported into the Philippines; reducing by -11.1% on the year before. In general, imports recorded a precipitous slump.
In value terms, spices; mixtures imports declined to $799K in 2022. The total import value increased at an average annual rate of +3.9% over the period from 2019 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 when imports increased by 15% against the previous year.
| Import of Spices; Mixtures in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 3.4 | 97.6 | 62.2 | 247 | 317.3% |
| India | 201 | 176 | 370 | 141 | -11.1% |
| Pakistan | 43.2 | 77.7 | 79.0 | 104 | 34.0% |
| Singapore | 197 | 191 | 71.3 | 75.0 | -27.5% |
| Malaysia | 7.4 | 17.0 | 72.3 | 61.1 | 102.1% |
| Vietnam | 46.9 | 12.9 | 15.4 | 53.8 | 4.7% |
| Spain | 3.7 | 3.2 | 38.1 | 44.1 | 128.4% |
| Japan | 7.8 | 89.0 | 54.7 | 28.3 | 53.7% |
| China | 22.3 | 30.2 | 56.5 | 12.2 | -18.2% |
| United States | 40.6 | 16.6 | 30.7 | 10.1 | -37.1% |
| South Korea | 22.8 | 41.0 | 7.6 | 6.3 | -34.9% |
| Thailand | 43.0 | 43.4 | N/A | 1.5 | -67.3% |
| Taiwan (Chinese) | 46.2 | 1.6 | N/A | N/A | -96.5% |
| Others | 27.1 | 19.9 | 17.1 | 14.3 | -19.2% |
| Total | 712 | 817 | 875 | 799 | 3.9% |
Top Suppliers of Spices; Mixtures to the Philippines in 2022:
- Germany (37.9 tons)
- India (21.6 tons)
- Pakistan (16.0 tons)
- Singapore (11.5 tons)
- Malaysia (9.4 tons)
- Vietnam (8.3 tons)
- Spain (6.8 tons)
- Japan (4.4 tons)
- China (1.9 tons)
- United States (1.5 tons)
- South Korea (1.0 tons)
- Thailand (0.2 tons)
Spices; Mixtures Exports in the Philippines
Spices; mixtures exports from the Philippines fell markedly to 2.9 tons in 2022, shrinking by -98% on 2021. Over the period under review, exports recorded a precipitous slump. The smallest decline of -17.1% was in 2020.
In value terms, spices; mixtures exports contracted significantly to $17K in 2022. Overall, exports continue to indicate a sharp contraction. The smallest decline of -2.4% was in 2020.
| Export of Spices; Mixtures in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | 322 | 247 | 176 | 17.0 | -62.5% |
| Singapore | 68.2 | 28.0 | 2.3 | 0.3 | -83.6% |
| United States | 87.1 | 129 | 84.7 | N/A | -1.4% |
| Qatar | N/A | 16.2 | 54.9 | N/A | 238.9% |
| United Arab Emirates | 38.8 | 38.3 | 86.9 | N/A | 49.7% |
| Saudi Arabia | 252 | 263 | 159 | N/A | -20.6% |
| Others | 50.2 | 76.7 | 37.9 | N/A | -13.1% |
| Total | 818 | 799 | 601 | 17.3 | -72.3% |
Top Export Markets for Spices; Mixtures from the Philippines in 2022:
- Singapore (undefined tons)
- Canada (2.8 tons)
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