Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines - 2023
Contents:
- Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines (CIF) - 2023
- Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines (FOB) - 2022
- Imports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines
- Exports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines
Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines (CIF) - 2023
The average import price for ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses stood at $3,997 per ton in November 2023, declining by -11.1% against the previous month. Over the period under review, the import price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in December 2022 when the average import price increased by 28% month-to-month. The import price peaked at $5,182 per ton in February 2023; however, from March 2023 to November 2023, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Malaysia ($6,849 per ton), while the price for China ($2,941 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 China (+3.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines (FOB) - 2022
The average export price for ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses stood at $5,763 per ton in 2022, jumping by 33% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% 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 ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses increased by +116.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 63%. The export price peaked in 2022 and is expected to retain growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($13,306 per ton), while the average price for exports to the United Arab Emirates ($2,519 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 Canada (+17.8%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines
In 2022, purchases abroad of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses decreased by -37.7% to 8.8K tons, falling for the second year in a row after two years of growth. Over the period under review, imports showed a deep downturn. The growth pace was the most rapid in 2020 when imports increased by 56%. As a result, imports attained the peak of 18K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses reduced remarkably to $11M in 2022. Overall, imports saw a perceptible setback. The pace of growth was the most pronounced in 2020 when imports increased by 57%. As a result, imports reached the peak of $19M. From 2021 to 2022, the growth of imports of remained at a lower figure.
| Import of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 7.4 | 14.4 | 12.4 | 6.9 | -2.3% |
| India | 1.3 | 1.0 | 1.1 | 1.5 | 4.9% |
| Turkey | 0.6 | 0.7 | 0.8 | 0.7 | 5.3% |
| Vietnam | 1.0 | 1.2 | 0.7 | 0.7 | -11.2% |
| Others | 1.8 | 1.7 | 1.5 | 1.7 | -1.9% |
| Total | 12.1 | 19.0 | 16.4 | 11.4 | -2.0% |
Top Suppliers of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices to the Philippines in 2022:
- China (7.8K tons)
- India (0.3K tons)
- Turkey (0.2K tons)
- Vietnam (0.1K tons)
Exports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines
In 2022, exports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses from the Philippines stood at 34 tons, with an increase of 8% against 2021 figures. In general, exports posted a significant expansion. The growth pace was the most rapid in 2020 with an increase of 655% against the previous year. As a result, the exports reached the peak of 43 tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.
In value terms, exports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses soared to $194K in 2022. Over the period under review, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 1,133%. Over the period under review, the exports of hit record highs in 2022 and are expected to retain growth in the near future.
| Export of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | N/A | 1.2 | 2.6 | 65.7 | 639.9% |
| Papua New Guinea | N/A | N/A | N/A | 28.0 | 0% |
| Australia | N/A | 11.0 | 4.0 | 26.9 | 56.4% |
| United States | 0.3 | 52.2 | 6.7 | 16.2 | 278.0% |
| Singapore | N/A | 0.4 | 27.5 | 16.1 | 534.4% |
| Thailand | N/A | N/A | N/A | 11.2 | 0% |
| New Zealand | N/A | N/A | 0.1 | 10.2 | 10100.0% |
| United Arab Emirates | 12.7 | 50.5 | 71.8 | 4.5 | -29.2% |
| Qatar | N/A | 62.8 | N/A | N/A | 0% |
| Others | 2.3 | 11.5 | 22.2 | 15.0 | 86.8% |
| Total | 15.4 | 190 | 135 | 194 | 132.7% |
Top Export Markets for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices from the Philippines in 2022:
- Papua New Guinea (6.6 tons)
- Canada (4.9 tons)
- Singapore (4.9 tons)
- Australia (4.1 tons)
- Thailand (2.7 tons)
- United States (2.4 tons)
- New Zealand (2.3 tons)
- United Arab Emirates (1.8 tons)
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