Price for Spices; Mixtures of 2 or More Products of the Same Heading in Latvia - 2023
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Latvia (CIF) - 2023
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Latvia (FOB) - 2022
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Latvia
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Latvia
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Latvia (CIF) - 2023
In October 2023, the average import price for spices; mixtures of 2 or more products of the same heading amounted to $8,137 per ton, surging by 85% against the previous month. In general, import price indicated a strong increase from October 2022 to October 2023: its price increased at an average monthly rate of +7.8% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on October 2023 figures, import price for spices; mixtures of 2 or more products of the same heading increased by +85.0% against September 2023 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In October 2023, the country with the highest price was Germany ($15,318 per ton), while the price for Ukraine ($2,552 per ton) was amongst the lowest.
From October 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Germany (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Latvia (FOB) - 2022
In 2022, the average export price for spices; mixtures of 2 or more products of the same heading amounted to $3,718 per ton, falling by -2.6% against the previous year. In general, the export price saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 when the average export price increased by 25%. The export price peaked at $5,236 per ton in 2012; however, from 2013 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 Estonia ($5,998 per ton), while the average price for exports to Kazakhstan ($2,098 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 the Czech Republic (+13.2%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Latvia
For the fourth year in a row, Latvia recorded growth in supplies from abroad of spices; mixtures of 2 or more products of the same heading, which increased by 0.6% to 1.3K tons in 2022. The total import volume increased at an average annual rate of +11.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 when imports increased by 29%. Over the period under review, imports of spices; mixtures of 2 or more products of same heading attained the maximum in 2022 and are expected to retain growth in the immediate term.
In value terms, imports of spices; mixtures of 2 or more products of the same heading surged to $4.5M in 2022. The total import value increased at an average annual rate of +12.7% 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 with an increase of 20% against the previous year. Over the period under review, imports of spices; mixtures of 2 or more products of same heading reached the peak figure in 2022 and are expected to retain growth in the near future.
| Import of Spices; Mixtures of 2 or More Products of the Same Heading in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Lithuania | 1,342 | 911 | 1,181 | 1,795 | 10.2% |
| Estonia | 351 | 455 | 524 | 528 | 14.6% |
| Germany | 288 | 364 | 432 | 438 | 15.0% |
| Bulgaria | 281 | N/A | N/A | 413 | 13.7% |
| India | 151 | 208 | 415 | 400 | 38.4% |
| Poland | 88.4 | 367 | 417 | 313 | 52.4% |
| Turkey | 302 | 371 | 295 | 209 | -11.5% |
| Others | 338 | 559 | 624 | 400 | 5.8% |
| Total | 3,141 | 3,234 | 3,886 | 4,495 | 12.7% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to Latvia in 2022:
- Lithuania (521.5 tons)
- India (169.1 tons)
- Germany (161.3 tons)
- Poland (95.1 tons)
- Turkey (84.9 tons)
- Bulgaria (84.8 tons)
- Estonia (65.0 tons)
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Latvia
In 2022, the amount of spices; mixtures of 2 or more products of the same heading exported from Latvia plummeted to 466 tons, which is down by -39% against 2021. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2021 with an increase of 42%. As a result, the exports attained the peak of 765 tons, and then declined rapidly in the following year.
In value terms, exports of spices; mixtures of 2 or more products of the same heading reduced sharply to $1.7M in 2022. In general, exports showed a slight setback. The most prominent rate of growth was recorded in 2021 when exports increased by 72% against the previous year. As a result, the exports attained the peak of $2.9M, and then declined notably in the following year.
| Export of Spices; Mixtures of 2 or More Products of the Same Heading in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Poland | 446 | 336 | 568 | 468 | 1.6% |
| Lithuania | 238 | 306 | 501 | 289 | 6.7% |
| Estonia | 393 | 243 | 375 | 285 | -10.2% |
| Romania | 160 | 124 | 301 | 235 | 13.7% |
| Russia | 206 | 316 | 306 | 155 | -9.0% |
| Hungary | 38.2 | 55.8 | 51.3 | 68.9 | 21.7% |
| Ukraine | 118 | 95.5 | 125 | 62.3 | -19.2% |
| Germany | 10.0 | 22.7 | 515 | 9.8 | -0.7% |
| Others | 225 | 194 | 177 | 161 | -10.6% |
| Total | 1,834 | 1,694 | 2,919 | 1,734 | -1.9% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from Latvia in 2022:
- Poland (132.6 tons)
- Romania (76.9 tons)
- Lithuania (76.4 tons)
- Estonia (47.5 tons)
- Russia (45.3 tons)
- Hungary (19.5 tons)
- Ukraine (18.8 tons)
- Germany (3.6 tons)
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