Spices; Saffron Price in Pakistan - 2023
Contents:
- Spices; Saffron Price in Pakistan (CIF) - 2022
- Spices; Saffron Price in Pakistan (FOB) - 2022
- Spices; Saffron Imports in Pakistan
- Spices; Saffron Exports in Pakistan
Spices; Saffron Price in Pakistan (CIF) - 2022
The average spices; saffron import price stood at $47,673 per ton in 2022, surging by 8.3% against the previous year. Overall, the import price showed a prominent expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 237% against the previous year. Over the period under review, average import prices attained the maximum in 2022 and is likely to continue growth in the near future.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($253,000 per ton), while the price for the United Arab Emirates ($18,446 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+20.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Saffron Price in Pakistan (FOB) - 2022
The average spices; saffron export price stood at $5,536 per ton in 2022, growing by 18% against the previous year. Overall, the export price saw buoyant growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 284% against the previous year. As a result, the export price attained the peak level of $17,287 per ton. From 2018 to 2022, the average export prices failed to regain momentum.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Bahrain ($11,000 per ton), while the average price for exports to Canada ($1,104 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 Bahrain (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.
Spices; Saffron Imports in Pakistan
In 2022, overseas purchases of spices; saffra were finally on the rise to reach 113 kg for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, recorded a dramatic downturn.
In value terms, spices; saffron imports skyrocketed to $5.4K in 2022. Over the period under review, imports, however, recorded a sharp contraction.
| Import of Spices; Saffron in Pakistan (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 2,214 | 1,068 | 227 | 1,706 | -8.3% |
| Spain | 2,352 | 870 | 185 | 1,518 | -13.6% |
| United Arab Emirates | 1,988 | 936 | 13.0 | 1,033 | -19.6% |
| Iran | 2,007 | 204 | 93.0 | 850 | -24.9% |
| Afghanistan | 664 | 59.0 | 31.0 | 277 | -25.3% |
| Saudi Arabia | 6.0 | N/A | N/A | N/A | 0% |
| Others | 2,351 | 7,066 | 23.0 | 3.0 | -89.2% |
| Total | 11,582 | 10,203 | 572 | 5,387 | -22.5% |
Top Suppliers of Spices; Saffron to Pakistan in 2022:
- United Arab Emirates (56.0 kg)
- Iran (26.0 kg)
- India (22.0 kg)
- Spain (6.0 kg)
- Afghanistan (2.0 kg)
Spices; Saffron Exports in Pakistan
In 2022, after three years of growth, there was significant decline in overseas shipments of spices; saffra, when their volume decreased by -35.2% to 6.6 tons. In general, exports, however, enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 667% against the previous year.
In value terms, spices; saffron exports fell significantly to $36K in 2022. Over the period under review, exports, however, posted a significant increase. The growth pace was the most rapid in 2020 with an increase of 705% against the previous year.
| Export of Spices; Saffron in Pakistan (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Saudi Arabia | 1.2 | 18.9 | 19.0 | 21.4 | 161.3% |
| Kuwait | 0.4 | 1.4 | 4.6 | 2.9 | 93.5% |
| Algeria | 0.1 | 0.6 | 2.6 | 2.1 | 175.9% |
| Canada | N/A | 0.1 | 0.8 | 0.6 | 144.9% |
| South Africa | N/A | 0.3 | 6.4 | 0.2 | -18.4% |
| Others | 1.4 | 3.9 | 13.9 | 9.1 | 86.6% |
| Total | 3.1 | 25.2 | 47.3 | 36.3 | 127.1% |
Top Export Markets for Spices; Saffron from Pakistan in 2022:
- Saudi Arabia (4.5 tons)
- Canada (0.5 tons)
- Algeria (0.5 tons)
- Kuwait (0.3 tons)
- South Africa (0.1 tons)
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