Spices; Turmeric (Curcuma) Price in the Philippines - 2023
Contents:
- Spices; Turmeric (Curcuma) Price in the Philippines (CIF) - 2022
- Spices; Turmeric (Curcuma) Price in the Philippines (FOB) - 2022
- Spices; Turmeric (Curcuma) Imports in the Philippines
- Spices; Turmeric (Curcuma) Exports in the Philippines
Spices; Turmeric (Curcuma) Price in the Philippines (CIF) - 2022
In 2021, the average spices; turmeric (curcuma) import price amounted to $2,338 per ton, picking up by 13% against the previous year. Over the period under review, import price indicated a moderate increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, spices; turmeric (curcuma) import price increased by +82.0% against 2017 indices. The most prominent rate of growth was recorded in 2020 when the average import price increased by 43%. The import price peaked in 2021 and is likely to see gradual growth in years to come.
Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Australia ($2,338 per ton) and Japan ($2,338 per ton), while the price for India ($2,337 per ton) and the United States ($2,337 per ton) were amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+17.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Spices; Turmeric (Curcuma) Price in the Philippines (FOB) - 2022
The average spices; turmeric (curcuma) export price stood at $1,724 per ton in 2021, growing by 20% against the previous year. Over the period under review, the export price posted a modest expansion. The most prominent rate of growth was recorded in 2014 an increase of 191% against the previous year. Over the period under review, the average export prices hit record highs at $8,336 per ton in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Malaysia ($1,724 per ton), while the average price for exports to Singapore stood at $1,724 per ton.
From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United Arab Emirates (+0.7%), while the prices for the other major destinations experienced a decline.
Spices; Turmeric (Curcuma) Imports in the Philippines
After two years of decline, overseas purchases of spices; turmeric (curcuma) increased by 11% to 120 tons in 2022. In general, imports, however, showed a significant curtailment.
In value terms, spices; turmeric (curcuma) imports reached $262K in 2022. Overall, imports, however, saw a abrupt descent.
| Import of Spices; Turmeric (Curcuma) in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| India | 151 | 143 | 199 | 14.8% | |
| Singapore | 28.4 | 33.3 | 23.8 | -8.5% | |
| Japan | 8.0 | 39.5 | 8.7 | 4.3% | |
| Australia | 2.4 | 2.6 | 6.2 | 60.7% | |
| Bangladesh | 0.1 | 0.2 | 5.6 | 648.3% | |
| United States | 35.9 | 22.3 | 4.1 | -66.2% | |
| Cambodia | 27.2 | N/A | N/A | 0% | |
| Others | 95.8 | 11.8 | 5.1 | -76.9% | |
| Total | 348 | 253 | 252 | -14.9% | |
Top Suppliers of Spices; Turmeric (Curcuma) to the Philippines in 2022:
- India (85.0 tons)
- Singapore (10.2 tons)
- Japan (3.7 tons)
- Australia (2.6 tons)
- Bangladesh (2.4 tons)
- United States (1.8 tons)
Spices; Turmeric (Curcuma) Exports in the Philippines
After three years of growth, shipments abroad of spices; turmeric (curcuma) decreased by -44.3% to 5.6 tons in 2022. Over the period under review, exports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 794% against the previous year. As a result, the exports reached the peak of 10 tons, and then reduced dramatically in the following year.
In value terms, spices; turmeric (curcuma) exports contracted dramatically to $9.5K in 2022. In general, exports, however, showed significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 976% against the previous year. As a result, the exports reached the peak of $17K, and then fell sharply in the following year.
| Export of Spices; Turmeric (Curcuma) in the Philippines (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | CAGR, 2019-2021 | |
| Singapore | N/A | N/A | 10.6 | 0% | |
| Malaysia | 0.5 | 0.9 | 6.8 | 268.8% | |
| United Arab Emirates | 0.8 | 1.6 | N/A | 100.0% | |
| Oman | 0.5 | N/A | N/A | 0% | |
| Australia | 2.2 | 1.8 | N/A | -18.2% | |
| Qatar | 0.2 | 0.5 | N/A | 150.0% | |
| Others | -1.6 | -3.1 | N/A | 93.8% | |
| Total | 2.6 | 1.6 | 17.4 | 158.7% | |
Top Export Markets for Spices; Turmeric (Curcuma) from the Philippines in 2022:
- Singapore (6.1 tons)
- Malaysia (4.0 tons)
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