Eastern Asia: Clove Market 2024

Clove Market Size in Eastern Asia

The East Asian clove market amounted to $X in 2023, surging by X% against the previous year. The total consumption indicated measured growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2020 indices. Over the period under review, the market attained the maximum level in 2023 and is likely to continue growth in the immediate term.

Clove Production in Eastern Asia

In value terms, clove production rose remarkably to $X in 2023 estimated in export price. Over the period under review, production, however, showed slight growth. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. The level of production peaked at $X in 2014; however, from 2015 to 2023, production remained at a lower figure.

The country with the largest volume of clove production was China (X tons), comprising approx. X% of total volume. Moreover, clove production in China exceeded the figures recorded by the second-largest producer, Hong Kong SAR (X tons), more than tenfold.

In China, clove production expanded at an average annual rate of X% over the period from 2012-2023.

In 2023, the average yield of cloves in Eastern Asia shrank slightly to X tons per ha, which is down by X% on the previous year. Overall, the yield, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the yield increased by X%. As a result, the yield attained the peak level of X tons per ha. From 2018 to 2023, the growth of the clove yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2023, approx. X ha of cloves were harvested in Eastern Asia; flattening at the year before. Overall, the harvested area, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the harvested area increased by X%. As a result, the harvested area attained the peak level of X ha; afterwards, it flattened through to 2023.

Clove Exports

Exports in Eastern Asia

In 2023, approx. X tons of cloves were exported in Eastern Asia; falling by X% against the year before. Over the period under review, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2015 when exports increased by X%. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, clove exports shrank dramatically to $X in 2023. In general, exports, however, posted resilient growth. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2022, and then contracted markedly in the following year.

Exports by Country

In 2023, China (X tons) was the major exporter of cloves, achieving X% of total exports. It was distantly followed by Hong Kong SAR (X tons), achieving an X% share of total exports.

China was also the fastest-growing in terms of the cloves exports, with a CAGR of X% from 2012 to 2023. At the same time, Hong Kong SAR (X%) displayed positive paces of growth. While the share of China (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Hong Kong SAR (X p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest clove supplier in Eastern Asia, comprising X% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in China totaled X%.

Export Prices by Country

In 2023, the export price in Eastern Asia amounted to $X per ton, increasing by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was China ($X per ton), while Hong Kong SAR totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%).

Clove Imports

Imports in Eastern Asia

In 2023, after two years of decline, there was significant growth in overseas purchases of cloves, when their volume increased by X% to X tons. Over the period under review, imports continue to indicate a buoyant increase. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. As a result, imports reached the peak of X tons. From 2021 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, clove imports surged to $X in 2023. Overall, imports posted a moderate expansion. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in the immediate term.

Imports by Country

China represented the largest importer of cloves in Eastern Asia, with the volume of imports recording X tons, which was approx. X% of total imports in 2023. Japan (X tons) ranks second in terms of the total imports with a X% share, followed by Taiwan (Chinese) (X%) and South Korea (X%). Hong Kong SAR (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the cloves imports, with a CAGR of X% from 2012 to 2023. At the same time, Japan (X%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (X%) and Taiwan (Chinese) (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR, South Korea, Taiwan (Chinese) and Japan saw its share reduced by X%, X%, X% and X% from 2012 to 2023, respectively.

In value terms, the largest clove importing markets in Eastern Asia were China ($X), Japan ($X) and South Korea ($X), together accounting for X% of total imports.

China, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2023, surging by X% against the previous year. Overall, the import price, however, continues to indicate a slight downturn. The pace of growth appeared the most rapid in 2013 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2014; however, from 2015 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform