Spices; Saffron Price in the Philippines - 2023
Contents:
- Spices; Saffron Price in the Philippines (CIF) - 2022
- Spices; Saffron Price in the Philippines (FOB) - 2022
- Spices; Saffron Imports in the Philippines
- Spices; Saffron Exports in the Philippines
Spices; Saffron Price in the Philippines (CIF) - 2022
The average spices; saffron import price stood at $12,398 per ton in 2022, with an increase of 122% against the previous year. In general, the import price showed a measured expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
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 Spain ($333,272 per ton), while the price for China stood at $3,383 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+44.6%), while the prices for the other major suppliers experienced mixed trend patterns.
Spices; Saffron Price in the Philippines (FOB) - 2022
In 2022, the average spices; saffron export price amounted to $14,433 per ton, remaining stable against the previous year. Overall, the export price showed a prominent expansion. The most prominent rate of growth was recorded in 2021 an increase of 45% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($26,422 per ton), while the average price for exports to New Zealand ($6,349 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 the United States (+23.3%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in the Philippines
For the third year in a row, the Philippines recorded decline in purchases abroad of spices; saffra, which decreased by -75.1% to 3.2 tons in 2022. Over the period under review, imports showed a precipitous decrease. The smallest decline of -19.5% was in 2021.
In value terms, spices; saffron imports shrank markedly to $39K in 2022. In general, imports showed a sharp contraction. The pace of growth appeared the most rapid in 2021 when imports increased by 14% against the previous year.
| Import of Spices; Saffron in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 60.1 | 15.8 | 30.0 | 27.0 | -23.4% |
| China | 39.3 | 46.6 | 40.1 | 10.4 | -35.8% |
| Others | 1.7 | N/A | 1.0 | 1.8 | 1.9% |
| Total | 101 | 62.4 | 71.1 | 39.3 | -27.0% |
Top Suppliers of Spices; Saffron to the Philippines in 2022:
- China (3.1 tons)
- Spain (0.1 tons)
Spices; Saffron Exports in the Philippines
In 2022, approx. 3.9 tons of spices; saffra were exported from the Philippines; with an increase of 192% compared with 2021 figures. In general, exports recorded a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, spices; saffron exports skyrocketed to $56K in 2022. Over the period under review, exports saw a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Spices; Saffron in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2020 | 2021 | 2022 | CAGR, 2020-2022 | |
| Canada | 1.5 | 5.3 | 39.9 | 415.8% | |
| Australia | 8.1 | 5.8 | 9.5 | 8.3% | |
| United States | 2.1 | 8.0 | 6.1 | 70.4% | |
| New Zealand | N/A | N/A | 0.4 | 0% | |
| Others | N/A | N/A | N/A | 0% | |
| Total | 11.7 | 19.1 | 55.9 | 118.6% | |
Top Export Markets for Spices; Saffron from the Philippines in 2022:
- Canada (2724.0 kg)
- Australia (855.0 kg)
- United States (230.0 kg)
- New Zealand (63.0 kg)
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