Spices; Turmeric (Curcuma) Price in Panama - 2023
Contents:
- Spices; Turmeric (Curcuma) Price in Panama (CIF) - 2022
- Spices; Turmeric (Curcuma) Price in Panama (FOB) - 2022
- Spices; Turmeric (Curcuma) Imports in Panama
- Spices; Turmeric (Curcuma) Exports in Panama
Spices; Turmeric (Curcuma) Price in Panama (CIF) - 2022
In 2022, the average spices; turmeric (curcuma) import price amounted to $4,003 per ton, rising by 3.3% against the previous year. Overall, import price indicated a noticeable increase from 2014 to 2022: its price increased at an average annual rate of +4.0% over the last eight-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spices; turmeric (curcuma) import price decreased by -17.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 90% against the previous year. Over the period under review, average import prices attained the maximum at $4,827 per ton in 2020; however, from 2021 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 the United States ($6,492 per ton), while the price for India ($3,366 per ton) was amongst the lowest.
From 2014 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+18.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Price in Panama (FOB) - 2022
In 2022, the average spices; turmeric (curcuma) export price amounted to $1,375 per ton, approximately equating the previous year. Overall, the export price showed a abrupt contraction. The most prominent rate of growth was recorded in 2017 an increase of 45% against the previous year. The export price peaked at $6,474 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
As there is only one major export destination, the average price level is determined by prices for Namibia.
From 2013 to 2022, the rate of growth in terms of prices for Honduras amounted to +44.7% per year.
Spices; Turmeric (Curcuma) Imports in Panama
In 2022, after three years of growth, there was significant decline in overseas purchases of spices; turmeric (curcuma), when their volume decreased by -10.2% to 43 tons. Over the period under review, imports, however, recorded a significant increase. The pace of growth appeared the most rapid in 2021 when imports increased by 59% against the previous year. As a result, imports reached the peak of 48 tons, and then fell in the following year.
In value terms, spices; turmeric (curcuma) imports fell to $174K in 2022. Overall, total imports indicated a resilient increase from 2019 to 2022: its value increased at an average annual rate of +17.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +60.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 36%.
| Import of Spices; Turmeric (Curcuma) in Panama (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 40.6 | 59.7 | 86.5 | 81.8 | 26.3% |
| United States | 47.1 | 62.3 | 59.6 | 37.5 | -7.3% |
| China | 2.0 | 3.9 | 8.0 | 35.3 | 160.4% |
| Spain | 3.3 | 2.6 | 6.2 | 13.7 | 60.7% |
| Peru | 0.5 | 4.8 | 10.4 | 2.9 | 79.7% |
| Vietnam | 8.3 | 8.7 | 9.3 | N/A | 5.9% |
| Others | 6.3 | 5.2 | 7.3 | 2.6 | -25.5% |
| Total | 108 | 147 | 187 | 174 | 17.2% |
Top Suppliers of Spices; Turmeric (Curcuma) to Panama in 2022:
- India (24.3 tons)
- China (8.9 tons)
- United States (5.8 tons)
- Spain (3.0 tons)
- Peru (0.8 tons)
Spices; Turmeric (Curcuma) Exports in Panama
In 2022, overseas shipments of spices; turmeric (curcuma) decreased by 0% to 104 kg, falling for the second consecutive year after two years of growth. Overall, exports saw a precipitous curtailment. The pace of growth was the most pronounced in 2020 when exports increased by 37%. As a result, the exports attained the peak of 18 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, spices; turmeric (curcuma) exports totaled $143 in 2022. Over the period under review, exports faced a dramatic descent. The smallest decline of -39% was in 2020.
| Export of Spices; Turmeric (Curcuma) in Panama (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Namibia | N/A | N/A | N/A | 0.1 | 0% |
| Guatemala | 45.5 | N/A | N/A | N/A | 0% |
| Others | 2.1 | 29.0 | N/A | N/A | 1281.0% |
| Total | 47.5 | 29.0 | N/A | 0.1 | -87.2% |
Top Export Markets for Spices; Turmeric (Curcuma) from Panama in 2022:
- Namibia (104.0 kg)
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