Spices; Saffron Price in Singapore - 2022
Contents:
- Spices; Saffron Price in Singapore (CIF) - 2022
- Spices; Saffron Price in Singapore (FOB) - 2022
- Spices; Saffron Imports in Singapore
- Spices; Saffron Exports in Singapore
Spices; Saffron Price in Singapore (CIF) - 2022
The average spices; saffron import price stood at $392,074 per ton in 2022, picking up by 118% against the previous year. In general, the import price, however, showed a noticeable setback. Over the period under review, average import prices reached the peak figure at $527,594 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Iran ($1,226,881 per ton), while the price for Israel ($7,700 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Saffron Price in Singapore (FOB) - 2022
In 2022, the average spices; saffron export price amounted to $288,454 per ton, picking up by 19% against the previous year. Overall, the export price, however, continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2017 when the average export price increased by 75%. Over the period under review, the average export prices attained the maximum at $454,481 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($786,136 per ton), while the average price for exports to Brunei Darussalam ($89,343 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 Indonesia (+24.8%), while the prices for the other major destinations experienced a decline.
Spices; Saffron Imports in Singapore
In 2022, imports of spices; saffra into Singapore rose to 2.1 tons, increasing by 4.3% compared with 2021. Overall, imports, however, recorded a pronounced setback. The pace of growth was the most pronounced in 2021 with an increase of 52%.
In value terms, spices; saffron imports surged to $805K in 2022. In general, imports continue to indicate a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Spices; Saffron in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 539 | 223 | 259 | 587 | 2.9% |
| Iran | 88.2 | 39.0 | 50.9 | 164 | 23.0% |
| United Kingdom | 4.5 | 13.8 | 6.7 | 7.5 | 18.6% |
| India | 0.5 | 17.9 | 5.3 | 6.1 | 130.2% |
| Australia | 1.7 | 5.6 | 4.8 | 4.2 | 35.2% |
| United Arab Emirates | 4.3 | 0.6 | 2.1 | 1.6 | -28.1% |
| Israel | N/A | N/A | N/A | 0.6 | 0% |
| Sweden | 3.4 | N/A | N/A | N/A | 0% |
| North Macedonia | N/A | N/A | 0.1 | N/A | 0% |
| Oman | N/A | N/A | 0.2 | N/A | 0% |
| Portugal | 25.9 | 0.1 | 6.1 | N/A | -51.5% |
| Others | 25.3 | 30.5 | 19.2 | 33.3 | 9.6% |
| Total | 692 | 331 | 354 | 805 | 5.2% |
Top Suppliers of Spices; Saffron to Singapore in 2022:
- Spain (1390.0 kg)
- Iran (134.0 kg)
- United Kingdom (121.0 kg)
- Australia (89.0 kg)
- Israel (80.0 kg)
- United Arab Emirates (63.0 kg)
- India (42.0 kg)
Spices; Saffron Exports in Singapore
In 2022, overseas shipments of spices; saffra were finally on the rise to reach 1.1 tons after two years of decline. Overall, exports, however, faced a abrupt shrinkage.
In value terms, spices; saffron exports skyrocketed to $320K in 2022. Over the period under review, exports recorded a notable expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Spices; Saffron in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Indonesia | 11.9 | 33.5 | 42.7 | 95.3 | 100.1% |
| Malaysia | 95.2 | 74.3 | 43.8 | 66.6 | -11.2% |
| United Arab Emirates | N/A | N/A | N/A | 61.3 | 0% |
| Hong Kong SAR | 161 | 79.7 | 38.8 | 48.6 | -32.9% |
| Vietnam | 24.1 | 4.3 | 1.1 | 17.3 | -10.5% |
| Australia | N/A | N/A | N/A | 12.8 | 0% |
| Brunei Darussalam | 0.2 | 4.1 | 0.3 | 3.1 | 149.3% |
| Others | 6.8 | 14.3 | 16.6 | 14.6 | 29.0% |
| Total | 299 | 210 | 143 | 320 | 2.3% |
Top Export Markets for Spices; Saffron from Singapore in 2022:
- Hong Kong SAR (435.0 kg)
- Indonesia (200.0 kg)
- United Arab Emirates (183.0 kg)
- Malaysia (158.0 kg)
- Australia (40.0 kg)
- Brunei Darussalam (35.0 kg)
- Vietnam (22.0 kg)
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