Spices; Turmeric (Curcuma) Price in India - 2023
Contents:
- Spices; Turmeric (Curcuma) Price in India (FOB) - 2023
- Spices; Turmeric (Curcuma) Price in India (CIF) - 2023
- Spices; Turmeric (Curcuma) Exports in India
- Spices; Turmeric (Curcuma) Imports in India
Spices; Turmeric (Curcuma) Price in India (FOB) - 2023
In July 2023, the average spices; turmeric (curcuma) export price amounted to $1,254 per ton, surging by 11% against the previous month. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $1,279 per ton in July 2022; afterwards, it flattened through to July 2023.
Prices varied noticeably by the country of destination: the country with the highest price was the United States ($2,408 per ton), while the average price for exports to Brazil ($727 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Tunisia (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Price in India (CIF) - 2023
The average spices; turmeric (curcuma) import price stood at $942 per ton in July 2023, declining by -12.4% against the previous month. Overall, the import price showed a noticeable downturn. The growth pace was the most rapid in February 2023 when the average import price increased by 73% month-to-month. The import price peaked at $1,805 per ton in March 2023; however, from April 2023 to July 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In July 2023, the country with the highest price was the United States ($3,072 per ton), while the price for Ethiopia ($717 per ton) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by the United States (0.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Spices; Turmeric (Curcuma) Exports in India
In 2022, approx. 156K tons of spices; turmeric (curcuma) were exported from India; remaining relatively unchanged against the previous year's figure. The total export volume increased at an average annual rate of +6.0% 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 when exports increased by 36% against the previous year. As a result, the exports reached the peak of 178K tons. From 2021 to 2022, the growth of the exports failed to regain momentum.
In value terms, spices; turmeric (curcuma) exports reduced to $224M in 2022. The total export value increased at an average annual rate of +4.9% from 2019 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2020 when exports increased by 20% against the previous year. As a result, the exports reached the peak of $232M. From 2021 to 2022, the growth of the exports failed to regain momentum.
| Export of Spices; Turmeric (Curcuma) in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| United States | 41.1 | 34.2 | 45.8 | 5.6% | |
| Bangladesh | 13.8 | 28.2 | 28.9 | 44.7% | |
| United Arab Emirates | 8.1 | 4.7 | 24.7 | 74.6% | |
| Malaysia | 8.8 | 5.9 | 10.1 | 7.1% | |
| Germany | 7.6 | 4.9 | 9.8 | 13.6% | |
| Morocco | 9.5 | 5.0 | 8.2 | -7.1% | |
| Japan | 6.4 | 4.5 | 7.1 | 5.3% | |
| United Kingdom | 7.3 | 5.2 | 6.6 | -4.9% | |
| Netherlands | 5.9 | 3.3 | 5.5 | -3.4% | |
| Iran | 15.2 | 8.7 | 5.1 | -42.1% | |
| Saudi Arabia | 5.6 | 3.5 | 4.5 | -10.4% | |
| Iraq | 3.5 | 2.1 | 4.4 | 12.1% | |
| Tunisia | 4.0 | 2.4 | 3.3 | -9.2% | |
| Others | 57.4 | 120 | 61.6 | 3.6% | |
| Total | 194 | 232 | 226 | 7.9% | |
Top Export Markets for Spices; Turmeric (Curcuma) from India in 2022:
- Bangladesh (28.0K tons)
- United Arab Emirates (22.9K tons)
- United States (9.3K tons)
- Morocco (7.9K tons)
- Malaysia (7.5K tons)
- Germany (4.8K tons)
- Iran (4.7K tons)
- Iraq (4.5K tons)
- United Kingdom (4.2K tons)
- Saudi Arabia (3.8K tons)
- Japan (3.6K tons)
- Tunisia (3.4K tons)
- Netherlands (3.3K tons)
Spices; Turmeric (Curcuma) Imports in India
For the third year in a row, India recorded decline in supplies from abroad of spices; turmeric (curcuma), which decreased by -13.8% to 20K tons in 2022. Over the period under review, imports continue to indicate a deep reduction. The smallest decline of -6.3% was in 2021.
In value terms, spices; turmeric (curcuma) imports fell to $28M in 2022. In general, imports continue to indicate a abrupt contraction. The smallest decline of -0.5% was in 2021.
| Import of Spices; Turmeric (Curcuma) in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| Vietnam | 15.9 | 10.4 | 10.5 | -18.7% | |
| Indonesia | 4.9 | 7.0 | 6.7 | 16.9% | |
| Myanmar | 5.2 | 5.0 | 3.5 | -18.0% | |
| Nigeria | 0.3 | 2.3 | 2.2 | 170.8% | |
| Djibouti | 0.1 | 1.6 | 2.1 | 358.3% | |
| Thailand | 1.8 | 2.0 | 2.1 | 8.0% | |
| Ethiopia | 4.0 | 0.8 | 1.8 | -32.9% | |
| Cambodia | 1.5 | 1.4 | 1.5 | 0.0% | |
| Others | 0.6 | 0.8 | 0.8 | 15.5% | |
| Total | 34.3 | 31.2 | 31.1 | -4.8% | |
Top Suppliers of Spices; Turmeric (Curcuma) to India in 2022:
- Vietnam (6.6K tons)
- Indonesia (5.9K tons)
- Djibouti (3.1K tons)
- Myanmar (2.4K tons)
- Ethiopia (2.4K tons)
- Nigeria (1.4K tons)
- Thailand (0.9K tons)
- Cambodia (0.5K tons)
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