Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States - 2023
Contents:
- Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States (CIF) - 2023
- Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States (FOB) - 2023
- Imports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States
- Exports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States
Price for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States (CIF) - 2023
The average import price for ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses stood at $2,723 per ton in December 2023, approximately reflecting the previous month. Over the period from December 2022 to December 2023, it increased at an average monthly rate of +1.3%. The pace of growth was the most pronounced in January 2023 when the average import price increased by 22% m-o-m. The import price peaked at $2,876 per ton in May 2023; however, from June 2023 to December 2023, import prices failed to regain momentum.
There were significant differences in the average prices amongst the major supplying countries. In December 2023, the country with the highest price was Pakistan ($11,669 per ton), while the price for China ($1,007 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Brazil (+7.8%), 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 United States (FOB) - 2023
The average export price for ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses stood at $4,012 per ton in December 2023, dropping by -9.7% against the previous month. Over the period under review, the export price continues to indicate a mild decrease. The growth pace was the most rapid in October 2023 an increase of 16% m-o-m. Over the period under review, the average export prices hit record highs at $4,643 per ton in June 2023; however, from July 2023 to December 2023, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major overseas markets. In December 2023, the country with the highest price was Turkey ($6,438 per ton), while the average price for exports to the Philippines ($1,822 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Guyana (+4.7%), 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 United States
In 2022, supplies from abroad of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses decreased by -2.8% to 158K tons for the first time since 2018, thus ending a three-year rising trend. The total import volume increased at an average annual rate of +7.3% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 21% against the previous year.
In value terms, imports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses dropped to $360M in 2022. The total import value increased at an average annual rate of +6.1% over the period from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 20%.
Import of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
India | 49.6 | 64.1 | 75.6 | 64.4 | 9.1% |
China | 77.8 | 64.0 | 65.6 | 55.3 | -10.8% |
Spain | 21.5 | 26.7 | 30.6 | 39.0 | 22.0% |
Peru | 20.7 | 40.7 | 44.0 | 36.9 | 21.3% |
Turkey | 23.6 | 26.4 | 32.6 | 26.4 | 3.8% |
Mexico | 12.9 | 10.9 | 11.1 | 12.1 | -2.1% |
Brazil | 10.8 | 21.5 | 15.4 | 10.0 | -2.5% |
Fiji | 3.7 | 5.5 | 9.5 | 8.6 | 32.5% |
Costa Rica | 5.9 | 8.8 | 9.4 | 8.3 | 12.0% |
Egypt | 2.8 | 4.3 | 7.1 | 7.6 | 39.5% |
Others | 72.0 | 87.4 | 90.1 | 91.1 | 8.2% |
Total | 301 | 360 | 391 | 360 | 6.1% |
Top Suppliers of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices to the United States in 2022:
- China (62.2K tons)
- Peru (26.4K tons)
- India (16.7K tons)
- Brazil (8.7K tons)
- Turkey (6.8K tons)
- Spain (6.0K tons)
- Costa Rica (4.3K tons)
- Mexico (4.2K tons)
- Fiji (2.5K tons)
- Egypt (2.4K tons)
Exports of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States
For the fourth year in a row, the United States recorded growth in shipments abroad of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses, which increased by 3.6% to 16K tons in 2022. The total export volume increased at an average annual rate of +13.1% 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 2020 with an increase of 26% against the previous year. Over the period under review, the exports of attained the maximum in 2022 and are likely to continue growth in years to come.
In value terms, exports of ginger, saffron, tumeric (curcuma), thyme, bay leaves, curry and other spiceses stood at $70M in 2022. The total export value increased at an average annual rate of +14.3% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when exports increased by 32%. The exports peaked in 2022 and are expected to retain growth in the immediate term.
Export of Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices in the United States (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Canada | 14.6 | 17.0 | 21.6 | 20.5 | 12.0% |
Saudi Arabia | 1.8 | 11.6 | 9.4 | 13.2 | 94.3% |
Mexico | 1.3 | 1.4 | 1.3 | 2.4 | 22.7% |
Dominican Republic | 1.4 | 1.9 | 2.8 | 2.2 | 16.3% |
Japan | 1.6 | 1.2 | 1.3 | 2.0 | 7.7% |
Ghana | 1.2 | 1.2 | 1.2 | 1.8 | 14.5% |
Peru | 1.1 | 1.7 | 2.1 | 1.6 | 13.3% |
Philippines | 0.6 | 1.1 | 0.8 | 1.5 | 35.7% |
Belize | 0.1 | 0.9 | 1.3 | 1.4 | 141.0% |
Panama | 1.1 | 1.9 | 2.0 | 1.3 | 5.7% |
Barbados | 0.7 | 0.8 | 0.8 | 1.3 | 22.9% |
Honduras | 0.3 | 0.6 | 1.1 | 1.2 | 58.7% |
Costa Rica | 3.1 | 0.7 | 1.0 | 1.1 | -29.2% |
Others | 18.0 | 19.4 | 19.8 | 18.4 | 0.7% |
Total | 46.7 | 61.6 | 66.5 | 69.9 | 14.4% |
Top Export Markets for Ginger, Saffron, Tumeric (Curcuma), Thyme, Bay Leaves, Curry and Other Spices from the United States in 2022:
- Canada (6.1K tons)
- Saudi Arabia (2.2K tons)
- Philippines (0.6K tons)
- Japan (0.6K tons)
- Mexico (0.5K tons)
- Dominican Republic (0.5K tons)
- Ghana (0.4K tons)
- Belize (0.4K tons)
- Honduras (0.3K tons)
- Peru (0.3K tons)
- Panama (0.3K tons)
- Barbados (0.3K tons)
- Costa Rica (0.2K tons)
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