Price for Spices; Ginger, Neither Crushed Nor Ground in Singapore - 2022
Contents:
- Price for Spices; Ginger, Neither Crushed Nor Ground in Singapore (CIF) - 2022
- Price for Spices; Ginger, Neither Crushed Nor Ground in Singapore (FOB) - 2022
- Imports of Spices; Ginger, Neither Crushed Nor Ground in Singapore
- Exports of Spices; Ginger, Neither Crushed Nor Ground in Singapore
Price for Spices; Ginger, Neither Crushed Nor Ground in Singapore (CIF) - 2022
In September 2022, the average import price for spices; ginger, neither crushed nor ground amounted to $1,820 per ton, increasing by 17% against the previous month. Over the last twelve months, it increased at an average monthly rate of +2.5%. The pace of growth appeared the most rapid in January 2022 an increase of 39% against the previous month. Over the period under review, average import prices reached the maximum in September 2022.
There were significant differences in the average prices amongst the major supplying countries. In September 2022, the country with the highest price was China ($2,077 per ton), while the price for Thailand ($1,266 per ton) was amongst the lowest.
From September 2021 to September 2022, the most notable rate of growth in terms of prices was attained by China (+5.1%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Spices; Ginger, Neither Crushed Nor Ground in Singapore (FOB) - 2022
In 2022, the average export price for spices; ginger, neither crushed nor ground amounted to $2,057 per ton, reducing by -5.3% against the previous year. Overall, the export price, however, posted moderate growth. The pace of growth was the most pronounced in 2016 an increase of 106% against the previous year. Over the period under review, the average export prices hit record highs at $2,173 per ton in 2021, and then contracted in the following year.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Fiji ($4,992 per ton), while the average price for exports to Indonesia ($545 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 (+2.2%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Ginger, Neither Crushed Nor Ground in Singapore
In 2022, purchases abroad of spices; ginger, neither crushed nor ground decreased by -5.3% to 10K tons, falling for the second consecutive year after two years of growth. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when imports increased by 5.5%. As a result, imports reached the peak of 11K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.
In value terms, imports of spices; ginger, neither crushed nor ground declined notably to $12M in 2022. Overall, imports recorded a noticeable curtailment. The pace of growth was the most pronounced in 2020 with an increase of 34% against the previous year. As a result, imports attained the peak of $18M. From 2021 to 2022, the growth of imports of failed to regain momentum.
| Import of Spices; Ginger, Neither Crushed Nor Ground in Singapore (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 7.4 | 10.5 | 8.2 | 5.3 | -10.5% |
| Malaysia | 2.4 | 2.5 | 3.0 | 3.4 | 12.3% |
| Thailand | 2.5 | 3.7 | 3.3 | 1.9 | -8.7% |
| Indonesia | 0.5 | 0.4 | 0.3 | 0.3 | -15.7% |
| Others | 0.6 | 0.8 | 0.5 | 0.5 | -5.9% |
| Total | 13.4 | 18.0 | 15.3 | 11.5 | -5.0% |
Top Suppliers of Spices; Ginger, Neither Crushed Nor Ground to Singapore in 2022:
- China (5.1K tons)
- Malaysia (2.6K tons)
- Thailand (2.2K tons)
- Indonesia (0.2K tons)
Exports of Spices; Ginger, Neither Crushed Nor Ground in Singapore
In 2022, shipments abroad of spices; ginger, neither crushed nor ground was finally on the rise to reach 165 tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, recorded a deep downturn.
In value terms, exports of spices; ginger, neither crushed nor ground skyrocketed to $340K in 2022. Overall, total exports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +9.3% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +52.3% against 2020 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Spices; Ginger, Neither Crushed Nor Ground in Singapore (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Malaysia | 55.3 | 42.5 | 46.7 | 155 | 41.0% |
| Vietnam | N/A | 0.1 | 71.5 | 91.2 | 2919.9% |
| Australia | N/A | N/A | 67.1 | 40.5 | -39.6% |
| Fiji | 5.1 | 9.9 | 24.3 | 32.5 | 85.4% |
| Timor-Leste | 2.2 | 10.8 | 8.8 | 5.1 | 32.3% |
| Brunei Darussalam | 6.9 | 10.7 | 8.3 | 4.0 | -16.6% |
| Seychelles | 19.2 | N/A | N/A | N/A | 0% |
| China | N/A | 44.7 | N/A | N/A | 0% |
| Indonesia | 106 | 0.1 | 21.4 | N/A | -55.1% |
| Oman | 63.1 | 11.5 | N/A | N/A | -81.8% |
| Egypt | N/A | 89.6 | N/A | N/A | 0% |
| Others | 3.0 | 3.7 | 1.0 | 11.8 | 57.9% |
| Total | 261 | 224 | 249 | 340 | 9.2% |
Top Export Markets for Spices; Ginger, Neither Crushed Nor Ground from Singapore in 2022:
- Malaysia (93.7 tons)
- Vietnam (47.7 tons)
- Australia (9.6 tons)
- Fiji (6.5 tons)
- Timor-Leste (3.4 tons)
- Brunei Darussalam (1.7 tons)
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