Spices; Saffron Price in China - 2023
Contents:
- Spices; Saffron Price in China (CIF) - 2023
- Spices; Saffron Price in China (FOB) - 2022
- Spices; Saffron Imports in China
- Spices; Saffron Exports in China
Spices; Saffron Price in China (CIF) - 2023
The average spices; saffron import price stood at $370K per ton in September 2023, increasing by 1.9% against the previous month. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in October 2022 an increase of 27% month-to-month. As a result, import price reached the peak level of $447K per ton. From November 2022 to September 2023, the average import prices failed to regain momentum.
As there is only one major supplying country, the average price level is determined by prices for Iran.
From September 2022 to September 2023, the rate of growth in terms of prices for Iran amounted to +0.5% per month.
Spices; Saffron Price in China (FOB) - 2022
The average spices; saffron export price stood at $1,039,319 per ton in 2022, increasing by 3,095% against the previous year. Over the period under review, the export price recorded a significant expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($38,068,000 per ton), while the average price for exports to Germany ($30,023 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 Singapore (+118.6%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in China
In 2022, overseas purchases of spices; saffra decreased by -45.9% to 32 tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, imports, however, continue to indicate significant growth. The pace of growth was the most pronounced in 2020 when imports increased by 504%.
In value terms, spices; saffron imports declined remarkably to $13M in 2022. In general, imports, however, recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 352% against the previous year.
| Import of Spices; Saffron in China (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Iran | 2.3 | 11.1 | 31.6 | 13.0 | 78.1% |
| Others | 0.2 | N/A | N/A | 0.1 | -20.6% |
| Total | 2.5 | 11.2 | 31.6 | 13.0 | 73.2% |
Top Suppliers of Spices; Saffron to China in 2022:
- Iran (31.6 tons)
Spices; Saffron Exports in China
In 2022, approx. 1.7 tons of spices; saffra were exported from China; waning by -91.6% compared with the year before. Overall, exports faced a precipitous shrinkage. The growth pace was the most rapid in 2021 when exports increased by 104%. As a result, the exports reached the peak of 21 tons, and then contracted sharply in the following year.
In value terms, spices; saffron exports skyrocketed to $1.8M in 2022. In general, exports, however, showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Spices; Saffron in China (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Singapore | N/A | N/A | N/A | 1,142 | 0% |
| Canada | 38.7 | N/A | 30.6 | 31.6 | -6.5% |
| Germany | 357 | 294 | 608 | 19.8 | -61.9% |
| United States | N/A | N/A | N/A | 5.4 | 0% |
| Hong Kong SAR | 49.4 | N/A | N/A | N/A | 0% |
| Japan | 21.5 | N/A | N/A | N/A | 0% |
| Philippines | 1.0 | 31.6 | 7.2 | N/A | 168.3% |
| Others | N/A | 2.1 | 22.7 | 588 | 1573.3% |
| Total | 468 | 327 | 668 | 1,787 | 56.3% |
Top Export Markets for Spices; Saffron from China in 2022:
- Canada (871.0 kg)
- Germany (660.0 kg)
- United States (148.0 kg)
- Singapore (30.0 kg)
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