Spices; Nutmeg Price in Vietnam - 2022

Spices; Nutmeg Price in Vietnam (FOB) - 2022

In 2022, the average spices; nutmeg export price amounted to $10,780 per ton, approximately reflecting the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by less than 0.1%. As a result, the export price reached the peak level of $10,780 per ton; afterwards, it flattened through to 2022.

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 the Netherlands ($33,696 per ton), while the average price for exports to the UK ($4,452 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 Netherlands (+11.5%), while the prices for the other major destinations experienced a decline.

Spices; Nutmeg Price in Vietnam (CIF) - 2022

The average spices; nutmeg import price stood at $13,664 per ton in 2022, approximately reflecting the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the maximum at $13,664 per ton in 2012; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($15,308 per ton), while the price for Indonesia amounted to $12,125 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+0.1%).

Spices; Nutmeg Exports in Vietnam

After three years of growth, shipments abroad of spices; nutmeg decreased by -8.3% to 5.7K tons in 2022. The total export volume increased at an average annual rate of +9.7% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 20%. As a result, the exports reached the peak of 6.2K tons, and then dropped in the following year.

In value terms, spices; nutmeg exports declined to $61M in 2022. The total export value increased at an average annual rate of +9.7% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 20%. As a result, the exports attained the peak of $67M, and then contracted in the following year.

Export of Spices; Nutmeg in Vietnam (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Netherlands	32.1	38.2	45.4	41.3	8.8%
United Kingdom	8.7	10.6	12.9	12.1	11.6%
Belgium	3.8	4.6	5.7	5.3	11.7%
Spain	1.8	2.2	2.6	2.5	11.6%
Others	0.2	0.2	0.2	0.2	0.0%
Total	46.4	55.7	66.9	61.3	9.7%

Top Export Markets for Spices; Nutmeg from Vietnam in 2022:

United Kingdom (2.7K tons)
Belgium (1.2K tons)
Netherlands (1.2K tons)
Spain (0.6K tons)

Spices; Nutmeg Imports in Vietnam

After three years of growth, overseas purchases of spices; nutmeg decreased by -8.3% to 4.4K tons in 2022. The total import volume increased at an average annual rate of +9.7% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 20%. As a result, imports attained the peak of 4.8K tons, and then contracted in the following year.

In value terms, spices; nutmeg imports reduced to $60M in 2022. The total import value increased at an average annual rate of +9.7% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 when imports increased by 20%.