Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan - 2023

Contents:

1. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan (CIF) - 2023
2. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan (FOB) - 2022
3. Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan
4. Exports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan (CIF) - 2023

The average import price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground stood at $5,056 per ton in June 2023, jumping by 26% against the previous month. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in December 2022 when the average import price increased by 60% m-o-m. As a result, import price reached the peak level of $5,960 per ton. From January 2023 to June 2023, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In June 2023, the countries with the highest prices were Madagascar ($5,056 per ton) and Indonesia ($5,056 per ton), while the price for Vietnam ($5,055 per ton) and Sri Lanka ($5,056 per ton) were amongst the lowest.

From July 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Tanzania (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan (FOB) - 2022

The average export price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground stood at $20,806 per ton in 2022, with an increase of 28% against the previous year. Overall, the export price continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 an increase of 62%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Oman ($24,181 per ton), while the average price for exports to Democratic Republic of the Congo ($5,167 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 Oman (+28.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan

In 2022, purchases abroad of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground decreased by -32.5% to 1.5K tons for the first time since 2018, thus ending a three-year rising trend. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 47% against the previous year.

In value terms, imports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground contracted sharply to $7.3M in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when imports increased by 39% against the previous year. As a result, imports reached the peak of $9.9M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

Top Suppliers of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground to Pakistan in 2022:

1. Indonesia (526.8 tons)
2. Madagascar (496.9 tons)
3. Comoros (193.6 tons)
4. Vietnam (91.8 tons)
5. China (89.9 tons)
6. Tanzania (42.9 tons)

Exports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in Pakistan

In 2022, overseas shipments of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground decreased by -47.2% to 418 kg for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports continue to indicate a noticeable reduction. The growth pace was the most rapid in 2021 when exports increased by 63%. As a result, the exports reached the peak of 791 kg, and then fell notably in the following year.

In value terms, exports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground plummeted to $8.7K in 2022. Overall, total exports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +9.6% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 46% against the previous year. As a result, the exports attained the peak of $13K, and then contracted dramatically in the following year.

Top Export Markets for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground from Pakistan in 2022:

1. Oman (288.0 kg)
2. Sweden (47.0 kg)
3. Australia (24.0 kg)
4. Democratic Republic of the Congo (18.0 kg)
5. Kuwait (14.0 kg)
6. Hong Kong SAR (14.0 kg)
7. Canada (13.0 kg)

Source: IndexBox Market Intelligence Platform