Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines - 2023
Contents:
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines (CIF) - 2022
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines (FOB) - 2022
- Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines
- Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines (CIF) - 2022
In 2022, the average import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $5,218 per ton, approximately equating the previous year. Over the period under review, the import price, however, continues to indicate resilient growth. The pace of growth appeared the most rapid in 2013 when the average import price increased by 70%. Over the period under review, average import prices reached the maximum at $5,261 per ton in 2021, and then fell slightly in the following year.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($5,250 per ton) and Vietnam ($5,218 per ton), while the price for China ($5,213 per ton) and Singapore ($5,218 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+31.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines (FOB) - 2022
In 2022, the average export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $6,071 per ton, jumping by 79% against the previous year. Over the period under review, the export price continues to indicate a prominent increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.
Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($6,074 per ton), while the average price for exports to Malaysia totaled $6,064 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (+11.6%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines
In 2022, purchases abroad of spices; cinnamon and cinnamon-tree flowers, crushed or ground decreased by -24.3% to 71 tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a deep reduction. The growth pace was the most rapid in 2020 when imports increased by 34% against the previous year. As a result, imports attained the peak of 112 tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground shrank notably to $369K in 2022. Overall, total imports indicated a prominent increase from 2019 to 2022: its value increased at an average annual rate of +6.4% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -26.3% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 63% against the previous year. As a result, imports attained the peak of $501K. From 2021 to 2022, the growth of imports of failed to regain momentum.
| Import of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Indonesia | 237 | 310 | 424 | 290 | 7.0% |
| Vietnam | N/A | 34.0 | 22.9 | 28.0 | -9.3% |
| Singapore | 47.7 | 111 | 27.6 | 26.1 | -18.2% |
| Germany | N/A | N/A | 10.5 | 20.8 | 98.1% |
| Others | 22.4 | 46.9 | 6.8 | 4.9 | -39.7% |
| Total | 307 | 501 | 492 | 369 | 6.3% |
Top Suppliers of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground to the Philippines in 2022:
- Indonesia (55.5 tons)
- Vietnam (5.4 tons)
- Singapore (5.0 tons)
- Germany (4.0 tons)
Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines
For the third year in a row, the Philippines recorded decline in shipments abroad of spices; cinnamon and cinnamon-tree flowers, crushed or ground, which decreased by -99.2% to 453 kg in 2022. Over the period under review, exports saw a sharp slump. The smallest decline of -22.6% was in 2020.
In value terms, exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground reduced sharply to $2.8K in 2022. Overall, exports recorded a significant curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 7.3% against the previous year.
| Export of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | 9.9 | 16.2 | 48.3 | 1.8 | -43.3% |
| Malaysia | N/A | N/A | 10.6 | 0.9 | -91.5% |
| South Africa | 224 | 168 | 118 | N/A | -27.4% |
| Others | 4.6 | 3.9 | 24.8 | N/A | 132.2% |
| Total | 239 | 188 | 202 | 2.8 | -77.3% |
Top Export Markets for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground from the Philippines in 2022:
- Singapore (297.0 kg)
- Malaysia (156.0 kg)
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This report provides an in-depth analysis of the cinnamon market in the Philippines.
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This report provides an in-depth analysis of the global cinnamon market.
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This report provides an in-depth analysis of the cinnamon market in the Philippines.
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This report provides an in-depth analysis of the global cinnamon market.
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The global cinnamon market revenue amounted to $1.1B in 2018, dropping by -9% against the previous year. This figure...
2651
From 2007 to 2016, the global cinnamon market value fluctuated perceptibly. According to IndexBox estimates, a significant increase in 2008 (X% Y-o-Y) was followed by a slight drop in 2009 (X% Y-o-Y). Over the next two years, the market gradually in
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