Spices; Turmeric (Curcuma) Price in the United States - 2023
Contents:
- Spices; Turmeric (Curcuma) Price in the United States (CIF) - 2023
- Spices; Turmeric (Curcuma) Price in the United States (FOB) - 2023
- Spices; Turmeric (Curcuma) Imports in the United States
- Spices; Turmeric (Curcuma) Exports in the United States
Spices; Turmeric (Curcuma) Price in the United States (CIF) - 2023
In July 2023, the average spices; turmeric (curcuma) import price amounted to $4,596 per ton, growing by 14% against the previous month. Overall, import price indicated modest growth from July 2022 to July 2023: its price increased at an average monthly rate of +1.8% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on July 2023 figures, spices; turmeric (curcuma) import price decreased by -9.7% against May 2023 indices. The growth pace was the most rapid in October 2022 when the average import price increased by 85% month-to-month. As a result, import price attained the peak level of $5,816 per ton. From November 2022 to July 2023, the average import prices remained 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 India ($5,042 per ton), while the price for Fiji amounted to $2,643 per ton.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by India (+3.9%).
Spices; Turmeric (Curcuma) Price in the United States (FOB) - 2023
In July 2023, the average spices; turmeric (curcuma) export price amounted to $9,053 per ton, growing by 26% against the previous month. Over the period under review, the export price enjoyed a temperate expansion. The most prominent rate of growth was recorded in February 2023 when the average export price increased by 118% against the previous month. The export price peaked at $9,489 per ton in October 2022; however, from November 2022 to July 2023, the export prices remained at a lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Australia ($38,891 per ton), while the average price for exports to India ($1,230 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 Australia (+14.5%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Imports in the United States
In 2022, after three years of growth, there was significant decline in purchases abroad of spices; turmeric (curcuma), when their volume decreased by -18.5% to 11K tons. The total import volume increased at an average annual rate of +2.9% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 when imports increased by 31% against the previous year.
In value terms, spices; turmeric (curcuma) imports reduced notably to $43M in 2022. Over the period under review, total imports indicated a prominent increase from 2019 to 2022: its value increased at an average annual rate of +8.4% 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 +27.3% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 31% against the previous year. As a result, imports attained the peak of $55M, and then declined notably in the following year.
| Import of Spices; Turmeric (Curcuma) in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| India | 23.3 | 29.9 | 36.9 | 25.8% | |
| Fiji | 3.6 | 5.4 | 9.4 | 61.6% | |
| China | 2.9 | 2.1 | 3.3 | 6.7% | |
| Jamaica | 1.4 | 1.6 | 1.2 | -7.4% | |
| Indonesia | 0.3 | 0.2 | 0.5 | 29.1% | |
| Others | 2.3 | 2.8 | 3.7 | 26.8% | |
| Total | 33.9 | 42.0 | 55.0 | 27.4% | |
Top Suppliers of Spices; Turmeric (Curcuma) to the United States in 2022:
- India (9.1K tons)
- Fiji (2.2K tons)
- Jamaica (0.6K tons)
- Indonesia (0.4K tons)
- China (0.4K tons)
Spices; Turmeric (Curcuma) Exports in the United States
In 2022, the amount of spices; turmeric (curcuma) exported from the United States expanded notably to 825 tons, rising by 13% compared with 2021 figures. Over the period under review, exports, however, recorded a pronounced shrinkage.
In value terms, spices; turmeric (curcuma) exports stood at $4.7M in 2022. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 29% against the previous year. Over the period under review, the exports attained the maximum in 2022 and are expected to retain growth in the immediate term.
| Export of Spices; Turmeric (Curcuma) in the United States (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| Canada | 3,214 | 2,041 | 2,318 | -15.1% | |
| Japan | 49.5 | 71.3 | 442 | 198.8% | |
| United Kingdom | 244 | 428 | 431 | 32.9% | |
| Taiwan (Chinese) | 219 | 377 | 297 | 16.5% | |
| Australia | 82.8 | 73.3 | 240 | 70.3% | |
| Mexico | 136 | 189 | 128 | -3.0% | |
| Argentina | N/A | N/A | 100 | 0% | |
| Haiti | 189 | 137 | 94.3 | -29.4% | |
| India | 148 | N/A | 85.9 | -23.8% | |
| Peru | N/A | N/A | 83.6 | 0% | |
| Venezuela | N/A | 5.6 | 78.3 | 1298.2% | |
| Turkey | N/A | N/A | 78.0 | 0% | |
| Dominican Republic | N/A | 33.9 | 37.7 | 11.2% | |
| Others | 382 | 232 | 218 | -24.5% | |
| Total | 4,664 | 3,588 | 4,631 | -0.4% | |
Top Export Markets for Spices; Turmeric (Curcuma) from the United States in 2022:
- Canada (372.4 tons)
- Taiwan (Chinese) (60.2 tons)
- United Kingdom (52.5 tons)
- Australia (35.1 tons)
- Argentina (27.9 tons)
- Peru (24.1 tons)
- India (22.7 tons)
- Turkey (22.5 tons)
- Haiti (18.6 tons)
- Venezuela (18.5 tons)
- Japan (16.7 tons)
- Mexico (14.4 tons)
- Dominican Republic (11.7 tons)
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