Price for Spices; Ginger, Neither Crushed Nor Ground in Vietnam - 2022
Contents:
- Price for Spices; Ginger, Neither Crushed Nor Ground in Vietnam (CIF) - 2022
- Price for Spices; Ginger, Neither Crushed Nor Ground in Vietnam (FOB) - 2022
- Imports of Spices; Ginger, Neither Crushed Nor Ground in Vietnam
- Exports of Spices; Ginger, Neither Crushed Nor Ground in Vietnam
Price for Spices; Ginger, Neither Crushed Nor Ground in Vietnam (CIF) - 2022
In 2022, the average import price for spices; ginger, neither crushed nor ground amounted to $1,924 per ton, falling by -18.3% against the previous year. In general, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 37%. The import price peaked at $2,355 per ton in 2021, and then reduced dramatically in the following year.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($1,924 per ton), while the price for China ($1,924 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Ginger, Neither Crushed Nor Ground in Vietnam (FOB) - 2022
The average export price for spices; ginger, neither crushed nor ground stood at $1,376 per ton in 2022, dropping by -20.8% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for spices; ginger, neither crushed nor ground decreased by -47.9% against 2020 indices. The pace of growth appeared the most rapid in 2013 when the average export price increased by 71% against the previous year. Over the period under review, the average export prices hit record highs at $3,007 per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.
Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Lao People's Democratic Republic ($1,376 per ton) and Australia ($1,376 per ton), while the average price for exports to China ($1,376 per ton) and South Korea ($1,376 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Australia (+2.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Ginger, Neither Crushed Nor Ground in Vietnam
Imports of spices; ginger, neither crushed nor ground into Vietnam soared to 4.2K tons in 2022, surging by 18% compared with 2021 figures. The total import volume increased at an average annual rate of +8.4% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by 21% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.
In value terms, imports of spices; ginger, neither crushed nor ground shrank to $8.2M in 2022. In general, total imports indicated a strong expansion from 2019 to 2022: its value increased at an average annual rate of +13.7% 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 +47.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports attained the peak of $8.5M, and then reduced modestly in the following year.
| Import of Spices; Ginger, Neither Crushed Nor Ground in Vietnam (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3.4 | 4.0 | 4.2 | 4.4 | 9.0% |
| Nigeria | 2.1 | 1.7 | 3.5 | 3.1 | 13.9% |
| India | 0.1 | 0.5 | 0.6 | 0.6 | 81.7% |
| Others | N/A | 0.6 | 0.2 | N/A | -66.7% |
| Total | 5.6 | 6.8 | 8.5 | 8.2 | 13.6% |
Top Suppliers of Spices; Ginger, Neither Crushed Nor Ground to Vietnam in 2022:
- China (2.3K tons)
- Nigeria (1.6K tons)
- India (0.3K tons)
Exports of Spices; Ginger, Neither Crushed Nor Ground in Vietnam
In 2022, shipments abroad of spices; ginger, neither crushed nor ground was finally on the rise to reach 3.3K tons for the first time since 2019, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +5.7% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, exports of spices; ginger, neither crushed nor ground skyrocketed to $4.6M in 2022. In general, exports, however, showed a abrupt curtailment.
| Export of Spices; Ginger, Neither Crushed Nor Ground in Vietnam (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Germany | 387 | 126 | 1,339 | 2,076 | 75.1% |
| Japan | 901 | 862 | 681 | 707 | -7.8% |
| China | N/A | 51.0 | 5.2 | 578 | 236.7% |
| Australia | 67.9 | 172 | 591 | 278 | 60.0% |
| Lao People's Democratic Republic | N/A | 71.7 | 0.9 | 255 | 88.6% |
| Indonesia | 3,598 | 4,492 | 421 | 130 | -66.9% |
| South Korea | 140 | N/A | 9.7 | 126 | -3.5% |
| Bangladesh | 513 | 32.5 | N/A | N/A | -93.7% |
| Others | 967 | 1,320 | 734 | 413 | -24.7% |
| Total | 6,575 | 7,128 | 3,782 | 4,563 | -11.5% |
Top Export Markets for Spices; Ginger, Neither Crushed Nor Ground from Vietnam in 2022:
- Germany (1508.9 tons)
- Japan (513.9 tons)
- China (420.0 tons)
- Australia (201.8 tons)
- Lao People's Democratic Republic (185.7 tons)
- Indonesia (94.8 tons)
- South Korea (91.5 tons)
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