Price for Spices; Ginger, Neither Crushed Nor Ground in India - 2023
Contents:
- Price for Spices; Ginger, Neither Crushed Nor Ground in India (FOB) - 2023
- Price for Spices; Ginger, Neither Crushed Nor Ground in India (CIF) - 2023
- Exports of Spices; Ginger, Neither Crushed Nor Ground in India
- Imports of Spices; Ginger, Neither Crushed Nor Ground in India
Price for Spices; Ginger, Neither Crushed Nor Ground in India (FOB) - 2023
The average export price for spices; ginger, neither crushed nor ground stood at $797 per ton in November 2023, with an increase of 2.5% against the previous month. Over the period under review, the export price continues to indicate a temperate expansion. The most prominent rate of growth was recorded in July 2023 an increase of 95% month-to-month. Over the period under review, the average export prices attained the peak figure at $2,456 per ton in August 2023; however, from September 2023 to November 2023, the export prices remained at a lower figure.
Prices varied noticeably by the country of destination: the country with the highest price was Morocco ($3,986 per ton), while the average price for exports to Bangladesh ($657 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was recorded for supplies to Bangladesh (+5.1%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Spices; Ginger, Neither Crushed Nor Ground in India (CIF) - 2023
The average import price for spices; ginger, neither crushed nor ground stood at $845 per ton in November 2023, with a decrease of -10.5% against the previous month. In general, the import price, however, posted prominent growth. The most prominent rate of growth was recorded in February 2023 an increase of 74% against the previous month. Over the period under review, average import prices attained the peak figure at $1,170 per ton in September 2023; however, from October 2023 to November 2023, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In November 2023, the country with the highest price was Peru ($1,252 per ton), while the price for Bhutan ($313 per ton) was amongst the lowest.
From November 2022 to November 2023, the most notable rate of growth in terms of prices was attained by Nepal (+8.9%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Spices; Ginger, Neither Crushed Nor Ground in India
After three years of growth, shipments abroad of spices; ginger, neither crushed nor ground decreased by -54.6% to 74K tons in 2022. In general, exports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 185%.
In value terms, exports of spices; ginger, neither crushed nor ground shrank significantly to $51M in 2022. Overall, exports, however, saw prominent growth. The pace of growth was the most pronounced in 2020 when exports increased by 141% against the previous year.
| Export of Spices; Ginger, Neither Crushed Nor Ground in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Bangladesh | 11.9 | 44.0 | 44.5 | 16.8 | 12.2% |
| Morocco | 9.2 | 12.4 | 23.3 | 13.2 | 12.8% |
| United Arab Emirates | 1.4 | 3.3 | 9.7 | 4.9 | 51.8% |
| Others | 9.9 | 18.6 | 32.4 | 15.6 | 16.4% |
| Total | 32.5 | 78.2 | 110 | 50.6 | 15.9% |
Top Export Markets for Spices; Ginger, Neither Crushed Nor Ground from India in 2022:
- Bangladesh (53.6K tons)
- Morocco (7.1K tons)
- United Arab Emirates (5.4K tons)
Imports of Spices; Ginger, Neither Crushed Nor Ground in India
In 2022, overseas purchases of spices; ginger, neither crushed nor ground increased by 154% to 27K tons for the first time since 2019, thus ending a two-year declining trend. In general, imports enjoyed resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.
In value terms, imports of spices; ginger, neither crushed nor ground surged to $20M in 2022. The total import value increased at an average annual rate of +1.5% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Spices; Ginger, Neither Crushed Nor Ground in India (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Nigeria | 12.8 | 9.6 | 7.5 | 9.4 | -9.8% |
| Nepal | 4.1 | 3.8 | 2.6 | 6.4 | 16.0% |
| Myanmar | 0.4 | 0.6 | 0.1 | 1.2 | 44.2% |
| United Arab Emirates | 0.4 | 2.1 | 2.4 | 1.2 | 44.2% |
| Bhutan | N/A | N/A | N/A | 0.2 | 0% |
| Others | 1.3 | 0.8 | 1.4 | 1.4 | 2.5% |
| Total | 18.9 | 16.9 | 14.0 | 19.8 | 1.6% |
Top Suppliers of Spices; Ginger, Neither Crushed Nor Ground to India in 2022:
- Nepal (20.2K tons)
- Nigeria (4.4K tons)
- Bhutan (0.7K tons)
- Myanmar (0.5K tons)
- United Arab Emirates (0.5K tons)
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