Price for Spices; Mixtures of 2 or More Products of the Same Heading in Turkey - 2023
Contents:
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Turkey (FOB) - 2023
- Price for Spices; Mixtures of 2 or More Products of the Same Heading in Turkey (CIF) - 2022
- Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Turkey
- Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Turkey
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Turkey (FOB) - 2023
The average export price for spices; mixtures of 2 or more products of the same heading stood at $3,363 per ton in December 2023, approximately mirroring the previous month. Over the last twelve months, it increased at an average monthly rate of +2.1%. The pace of growth was the most pronounced in May 2023 an increase of 12% against the previous month. As a result, the export price attained the peak level of $3,364 per ton; afterwards, it flattened through to December 2023.
There were significant differences in the average prices for the major overseas markets. In December 2023, the country with the highest price was Germany ($3,973 per ton), while the average price for exports to Peru ($962 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 Brazil (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Spices; Mixtures of 2 or More Products of the Same Heading in Turkey (CIF) - 2022
The average import price for spices; mixtures of 2 or more products of the same heading stood at $1,648 per ton in 2022, rising by 22% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, import price for spices; mixtures of 2 or more products of the same heading increased by +35.1% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the average import price increased by 74% against the previous year. The import price peaked at $1,939 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Morocco ($4,956 per ton), while the price for Iran ($332 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Morocco (+13.3%), while the prices for the other major suppliers experienced more modest paces of growth.
Exports of Spices; Mixtures of 2 or More Products of the Same Heading in Turkey
After three years of growth, overseas shipments of spices; mixtures of 2 or more products of the same heading decreased by -12% to 40K tons in 2022. The total export volume increased at an average annual rate of +1.6% from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 18%.
In value terms, exports of spices; mixtures of 2 or more products of the same heading reduced to $122M in 2022. The total export value increased at an average annual rate of +2.0% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 15% against the previous year.
Export of Spices; Mixtures of 2 or More Products of the Same Heading in Turkey (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
United States | 36.1 | 43.4 | 44.8 | 34.9 | -1.1% |
China | 3.6 | 9.2 | 12.7 | 15.7 | 63.4% |
Germany | 8.4 | 9.9 | 8.3 | 7.6 | -3.3% |
Canada | 4.8 | 5.2 | 5.5 | 5.5 | 4.6% |
Poland | 5.9 | 5.8 | 6.6 | 5.2 | -4.1% |
France | 2.9 | 4.0 | 4.4 | 4.3 | 14.0% |
United Kingdom | 2.8 | 3.1 | 4.2 | 3.6 | 8.7% |
Netherlands | 2.7 | 3.1 | 2.6 | 2.8 | 1.2% |
Brazil | 1.8 | 3.2 | 2.3 | 2.2 | 6.9% |
Italy | 1.7 | 1.7 | 1.8 | 2.2 | 9.0% |
Israel | 2.4 | 2.2 | 2.2 | 2.0 | -5.9% |
India | 1.4 | 1.8 | 1.8 | 1.9 | 10.7% |
United Arab Emirates | 1.2 | 1.2 | 1.5 | 1.8 | 14.5% |
Others | 39.0 | 37.9 | 36.7 | 32.5 | -5.9% |
Total | 115 | 132 | 135 | 122 | 2.0% |
Top Export Markets for Spices; Mixtures of 2 or More Products of the Same Heading from Turkey in 2022:
- China (8.4K tons)
- United States (8.3K tons)
- Germany (2.1K tons)
- Brazil (1.3K tons)
- India (1.3K tons)
- Israel (1.2K tons)
- Canada (1.0K tons)
- United Arab Emirates (0.9K tons)
- Poland (0.9K tons)
- France (0.9K tons)
- Netherlands (0.8K tons)
- United Kingdom (0.8K tons)
- Italy (0.7K tons)
Imports of Spices; Mixtures of 2 or More Products of the Same Heading in Turkey
In 2022, purchases abroad of spices; mixtures of 2 or more products of the same heading decreased by -21.8% to 8.8K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, total imports indicated a prominent increase from 2019 to 2022: its volume increased at an average annual rate of +13.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of 65% against the previous year.
In value terms, imports of spices; mixtures of 2 or more products of the same heading reduced to $15M in 2022. The total import value increased at an average annual rate of +7.4% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. As a result, imports reached the peak of $15M, and then contracted slightly in the following year.
Import of Spices; Mixtures of 2 or More Products of the Same Heading in Turkey (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Syrian Arab Republic | N/A | N/A | N/A | 4.7 | 0% |
Albania | 2.9 | 3.9 | 3.8 | 2.2 | -8.8% |
Poland | 2.2 | 2.3 | 1.8 | 2.0 | -3.1% |
Mexico | 2.3 | 0.3 | 2.5 | 1.3 | -17.3% |
Egypt | 0.4 | 0.2 | 1.0 | 0.8 | 26.0% |
Lebanon | 0.1 | 0.1 | 0.9 | 0.3 | 44.2% |
India | 0.4 | 0.5 | 0.5 | 0.2 | -20.6% |
Iran | 0.1 | 0.5 | 0.5 | 0.1 | 0.0% |
Iraq | 0.5 | 0.4 | 0.7 | N/A | 18.3% |
Others | 2.9 | 3.8 | 3.6 | 3.0 | 1.1% |
Total | 11.7 | 12.2 | 15.2 | 14.5 | 7.4% |
Top Suppliers of Spices; Mixtures of 2 or More Products of the Same Heading to Turkey in 2022:
- Syrian Arab Republic (4667.1 tons)
- Lebanon (769.5 tons)
- Albania (620.6 tons)
- Poland (544.1 tons)
- Egypt (432.7 tons)
- Mexico (399.0 tons)
- Iran (349.5 tons)
- India (130.4 tons)
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