Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States - 2023
Contents:
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States (CIF) - 2023
- Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States (FOB) - 2023
- Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States
- Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States (CIF) - 2023
In December 2023, the average import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground amounted to $4,357 per ton, standing approximately at the previous month. Overall, the import price, however, continues to indicate a mild contraction. The pace of growth was the most pronounced in March 2023 when the average import price increased by 12% m-o-m. Over the period under review, average import prices reached the peak figure at $5,203 per ton in December 2022; however, from January 2023 to December 2023, import prices remained at a lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Sri Lanka ($11,041 per ton), while the price for China ($2,752 per ton) was amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was attained by Sri Lanka (+1.9%), while the prices for the other major suppliers experienced a decline.
Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States (FOB) - 2023
The average export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground stood at $5,612 per ton in December 2023, with an increase of 2.4% against the previous month. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in March 2023 an increase of 11% against the previous month. The export price peaked at $6,289 per ton in June 2023; however, from July 2023 to December 2023, the export prices stood at a somewhat lower figure.
Average prices varied somewhat for the major overseas markets. In December 2023, the countries with the highest prices were Mexico ($5,937 per ton) and Canada ($5,416 per ton), while the average price for exports to South Korea ($4,675 per ton) and Egypt ($5,000 per ton) were amongst the lowest.
From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+0.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States
In 2022, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground into the United States reduced to 13K tons, remaining stable against the year before. The total import volume increased at an average annual rate of +2.4% over the period from 2019 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 19% against the previous year. As a result, imports attained the peak of 14K tons, leveling off in the following year.
In value terms, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground expanded rapidly to $67M in 2022. Over the period under review, total imports indicated prominent growth from 2019 to 2022: its value increased at an average annual rate of +11.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +44.5% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 34%. Over the period under review, imports of hit record highs in 2022 and are likely to see gradual growth in years to come.
| Import of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Vietnam | 14.3 | 22.5 | 33.5 | 33.8 | 33.2% |
| Indonesia | 31.9 | 20.1 | 24.0 | 28.7 | -3.5% |
| India | 1.2 | 1.1 | 1.3 | 1.5 | 7.7% |
| Others | 1.4 | 2.7 | 3.4 | 3.1 | 30.3% |
| Total | 48.8 | 46.3 | 62.3 | 67.0 | 11.1% |
Top Suppliers of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground to the United States in 2022:
- Vietnam (7.3K tons)
- Indonesia (5.5K tons)
- India (0.2K tons)
Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States
Exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground from the United States soared to 3K tons in 2022, growing by 18% against the previous year. In general, total exports indicated a strong expansion from 2019 to 2022: its volume increased at an average annual rate of +17.7% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +63.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
In value terms, exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground expanded significantly to $16M in 2022. Over the period under review, total exports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +15.2% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. The exports peaked in 2022 and are expected to retain growth in the near future.
| Export of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | 6.4 | 7.2 | 9.3 | 10.0 | 16.0% |
| Mexico | 2.5 | 2.9 | 2.7 | 3.1 | 7.4% |
| Saudi Arabia | 0.1 | 0.1 | 0.1 | 0.5 | 71.0% |
| South Korea | 0.4 | 0.4 | 0.5 | 0.5 | 7.7% |
| United Kingdom | 0.1 | 0.2 | 0.1 | 0.3 | 44.2% |
| Vietnam | N/A | 0.1 | N/A | 0.3 | 73.2% |
| Others | 1.1 | 1.0 | 1.9 | 1.5 | 10.9% |
| Total | 10.5 | 11.9 | 14.6 | 16.1 | 15.3% |
Top Export Markets for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground from the United States in 2022:
- Canada (1867.0 tons)
- Mexico (584.6 tons)
- Saudi Arabia (92.1 tons)
- South Korea (91.5 tons)
- Vietnam (67.8 tons)
- United Kingdom (48.4 tons)
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