Price for Spices; Ginger, Crushed or Ground in the Philippines - 2023
Contents:
- Price for Spices; Ginger, Crushed or Ground in the Philippines (CIF) - 2022
- Price for Spices; Ginger, Crushed or Ground in the Philippines (FOB) - 2022
- Imports of Spices; Ginger, Crushed or Ground in the Philippines
- Exports of Spices; Ginger, Crushed or Ground in the Philippines
Price for Spices; Ginger, Crushed or Ground in the Philippines (CIF) - 2022
In 2022, the average import price for spices; ginger, crushed or ground amounted to $4,050 per ton, approximately equating the previous year. Over the period from 2017 to 2022, it increased at an average annual rate of +4.9%. The growth pace was the most rapid in 2020 an increase of 30% against the previous year. As a result, import price attained the peak level of $4,421 per ton. From 2021 to 2022, the average import prices failed to regain momentum.
Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($4,907 per ton) and India ($3,904 per ton), while the price for the United States ($3,373 per ton) and China ($3,493 per ton) were amongst the lowest.
From 2017 to 2022, the most notable rate of growth in terms of prices was attained by China (+30.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Ginger, Crushed or Ground in the Philippines (FOB) - 2022
In 2022, the average export price for spices; ginger, crushed or ground amounted to $4,621 per ton, declining by -20.5% against the previous year. In general, the export price saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 54% against the previous year. The export price peaked at $6,006 per ton in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Palau ($13,544 per ton), while the average price for exports to the United Arab Emirates ($2,419 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Qatar (+46.1%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Spices; Ginger, Crushed or Ground in the Philippines
In 2022, imports of spices; ginger, crushed or ground into the Philippines soared to 131 tons, rising by 31% compared with the year before. The total import volume increased at an average annual rate of +4.1% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, spices; ginger, crushed or ground imports surged to $531K in 2022. The total import value increased at an average annual rate of +10.2% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Spices; Ginger, Crushed or Ground in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 169 | 186 | 131 | 193 | 4.5% |
| Vietnam | 107 | 182 | 132 | 166 | 15.8% |
| China | 101 | 35.5 | 124 | 143 | 12.3% |
| Indonesia | 9.7 | 5.6 | 4.2 | 7.8 | -7.0% |
| United States | 6.9 | 12.0 | 9.5 | 7.7 | 3.7% |
| Others | 3.7 | 5.4 | 5.8 | 12.7 | 50.8% |
| Total | 397 | 427 | 406 | 531 | 10.2% |
Top Suppliers of Spices; Ginger, Crushed or Ground to the Philippines in 2022:
- India (49.6 tons)
- China (40.8 tons)
- Vietnam (33.9 tons)
- United States (2.3 tons)
- Indonesia (2.0 tons)
Exports of Spices; Ginger, Crushed or Ground in the Philippines
In 2022, after two years of decline, there was significant growth in overseas shipments of spices; ginger, crushed or ground, when their volume increased by 21% to 786 kg. Overall, exports, however, showed a deep reduction.
In value terms, spices; ginger, crushed or ground exports fell modestly to $3.6K in 2022. The total export value increased at an average annual rate of +4.0% over the period from 2019 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 8.3% against the previous year.
| Export of Spices; Ginger, Crushed or Ground in the Philippines (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Australia | N/A | N/A | 2,043 | 1,426 | -30.2% |
| Canada | 103 | 459 | 841 | 1,275 | 131.3% |
| New Zealand | N/A | N/A | N/A | 651 | 0% |
| United Arab Emirates | 344 | 1,255 | 242 | 165 | -21.7% |
| South Korea | 2,348 | N/A | N/A | N/A | 0% |
| Fiji | N/A | 110 | N/A | N/A | 0% |
| Bahrain | N/A | 391 | N/A | N/A | 0% |
| Others | 433 | 1,282 | 641 | 115 | -35.7% |
| Total | 3,228 | 3,497 | 3,767 | 3,632 | 4.0% |
Top Export Markets for Spices; Ginger, Crushed or Ground from the Philippines in 2022:
- Canada (360.0 kg)
- Australia (220.0 kg)
- New Zealand (130.0 kg)
- United Arab Emirates (68.0 kg)
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