Spices; Mixtures Price in Hong Kong SAR - 2023
Contents:
- Spices; Mixtures Price in Hong Kong SAR (CIF) - 2023
- Spices; Mixtures Price in Hong Kong SAR (FOB) - 2022
- Spices; Mixtures Imports in Hong Kong SAR
- Spices; Mixtures Exports in Hong Kong SAR
Spices; Mixtures Price in Hong Kong SAR (CIF) - 2023
The average spices; mixtures import price stood at $3,310 per ton in June 2023, declining by -11.6% against the previous month. Overall, the import price continues to indicate a noticeable downturn. The most prominent rate of growth was recorded in February 2023 an increase of 98% against the previous month. Over the period under review, average import prices attained the maximum at $5,403 per ton in December 2022; however, from January 2023 to June 2023, import prices stood at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Japan ($8,004 per ton), while the price for India ($2,581 per ton) was amongst the lowest.
From June 2022 to June 2023, the most notable rate of growth in terms of prices was attained by Japan (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Mixtures Price in Hong Kong SAR (FOB) - 2022
In 2022, the average spices; mixtures export price amounted to $8,642 per ton, surging by 8.3% against the previous year. Over the period under review, export price indicated a remarkable increase from 2012 to 2022: its price increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spices; mixtures export price increased by +45.2% against 2018 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 28% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the immediate term.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($11,438 per ton), while the average price for exports to New Zealand ($6,173 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 the Philippines (+35.8%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Mixtures Imports in Hong Kong SAR
For the third year in a row, Hong Kong SAR recorded decline in supplies from abroad of spices; mixtureses, which decreased by -7.6% to 337 tons in 2022. In general, imports continue to indicate a abrupt curtailment.
In value terms, spices; mixtures imports shrank to $1.5M in 2022. Overall, imports saw a abrupt downturn. The most prominent rate of growth was recorded in 2020 with an increase of 4.9% against the previous year. As a result, imports reached the peak of $2.4M. From 2021 to 2022, the growth of imports failed to regain momentum.
| Import of Spices; Mixtures in Hong Kong SAR (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| South Africa | 326 | 478 | 147 | 265 | -6.7% |
| Pakistan | 274 | 208 | 354 | 258 | -2.0% |
| China | 757 | 683 | 197 | 213 | -34.5% |
| India | 381 | 137 | 222 | 199 | -19.5% |
| Japan | 37.9 | 325 | 243 | 143 | 55.7% |
| Germany | 145 | 113 | 164 | 112 | -8.2% |
| Singapore | 140 | 239 | 207 | 103 | -9.7% |
| Others | 210 | 201 | 137 | 191 | -3.1% |
| Total | 2,272 | 2,383 | 1,671 | 1,484 | -13.2% |
Top Suppliers of Spices; Mixtures to Hong Kong SAR in 2022:
- India (87.2 tons)
- Pakistan (72.6 tons)
- South Africa (64.8 tons)
- China (37.1 tons)
- Japan (23.1 tons)
- Germany (17.3 tons)
- Singapore (11.6 tons)
Spices; Mixtures Exports in Hong Kong SAR
In 2022, spices; mixtures exports from Hong Kong SAR shrank notably to 94 tons, waning by -27.4% against 2021. In general, exports recorded a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. As a result, the exports reached the peak of 130 tons, and then dropped notably in the following year.
In value terms, spices; mixtures exports reduced rapidly to $815K in 2022. Over the period under review, exports continue to indicate a mild decrease. The pace of growth appeared the most rapid in 2021 when exports increased by 19%. As a result, the exports attained the peak of $1M, and then contracted dramatically in the following year.
| Export of Spices; Mixtures in Hong Kong SAR (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Netherlands | 221 | 249 | 288 | 271 | 7.0% |
| United Kingdom | 184 | 203 | 202 | 158 | -5.0% |
| Macao SAR | 135 | 98.1 | 155 | 105 | -8.0% |
| Australia | 43.9 | 45.9 | 38.8 | 60.8 | 11.5% |
| United States | 70.9 | 55.1 | 66.4 | 43.7 | -14.9% |
| Canada | 77.3 | 47.4 | 84.8 | 38.2 | -20.9% |
| Suriname | 32.7 | 15.7 | 31.6 | 37.6 | 4.8% |
| France | 16.8 | 48.5 | 82.8 | 32.1 | 24.1% |
| New Zealand | 15.2 | 17.8 | 9.3 | 13.0 | -5.1% |
| Trinidad and Tobago | 5.0 | 16.1 | 5.2 | 12.4 | 35.4% |
| China | 16.2 | 34.8 | 17.1 | N/A | 2.7% |
| Others | 37.2 | 37.0 | 55.7 | 43.6 | 5.4% |
| Total | 854 | 868 | 1,037 | 815 | -1.5% |
Top Export Markets for Spices; Mixtures from Hong Kong SAR in 2022:
- Netherlands (27.0 tons)
- Macao SAR (15.3 tons)
- United Kingdom (13.8 tons)
- United States (6.8 tons)
- Australia (5.9 tons)
- Canada (4.6 tons)
- Suriname (4.6 tons)
- France (4.5 tons)
- Trinidad and Tobago (2.7 tons)
- New Zealand (2.1 tons)
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