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

Contents:

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

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in South Korea (CIF) - 2022

The average import price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground stood at $17,682 per ton in December 2022, jumping by 93% against the previous month. Overall, import price indicated a strong expansion from December 2021 to December 2022: its price increased at an average monthly rate of +5.0% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2022 figures, import price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground increased by +92.6% against November 2022 indices. Over the period under review, average import prices reached the maximum at $18,714 per ton in September 2022; however, from October 2022 to December 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In December 2022, the country with the highest price was Tanzania ($18,526 per ton), while the price for Madagascar totaled $12,840 per ton.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Madagascar (+1.0%), while the prices for the other major suppliers experienced mixed trend patterns.

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

In 2022, the average export price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground amounted to $20,000 per ton, stabilizing at the previous year. Over the period under review, the export price saw a perceptible expansion. The most prominent rate of growth was recorded in 2016 when the average export price increased by 53% against the previous year. The export price peaked at $60,000 per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($20,000 per ton), while the average price for exports to Italy stood at $20,000 per ton.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Indonesia (0.0%), 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 South Korea

For the third consecutive year, South Korea recorded decline in purchases abroad of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground, which decreased by -0.6% to 84 tons in 2022. Over the period under review, imports recorded a abrupt slump.

In value terms, imports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground skyrocketed to $1.2M 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 indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

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

1. Indonesia (39.8 tons)
2. Tanzania (36.5 tons)
3. Madagascar (6.4 tons)
4. India (0.9 tons)

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

In 2022, exports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground from South Korea totaled 2 kg, flattening at 2021. In general, exports saw a significant contraction. The smallest decline of 99.9% was in 2021.

In value terms, exports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground stood at $40 in 2022. Over the period under review, exports saw a sharp decline. The smallest decline of 99.9% was in 2021.

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

1. Italy (1.0 kg)
2. France (1.0 kg)

Source: IndexBox Market Intelligence Platform