Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India - 2023

Contents:

1. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India (CIF) - 2023
2. Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India (FOB) - 2023
3. Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India
4. Exports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India (CIF) - 2023

In October 2023, the average import price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground amounted to $6,399 per ton, with a decrease of -22% against the previous month. Overall, import price indicated a perceptible expansion from November 2022 to October 2023: its price increased at an average monthly rate of +3.3% over the last eleven-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on October 2023 figures, import price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground decreased by -22.0% against September 2023 indices. The pace of growth appeared the most rapid in January 2023 an increase of 26% against the previous month. The import price peaked at $8,199 per ton in September 2023, and then contracted significantly in the following month.

There were significant differences in the average prices amongst the major supplying countries. In October 2023, the country with the highest price was Indonesia ($10,004 per ton), while the price for Madagascar ($3,632 per ton) was amongst the lowest.

From November 2022 to October 2023, the most notable rate of growth in terms of prices was attained by Comoros (+6.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India (FOB) - 2023

The average export price for spices; cloves (whole fruit, cloves and stems), neither crushed nor ground stood at $10,390 per ton in October 2023, picking up by 13% against the previous month. Over the period from November 2022 to October 2023, it increased at an average monthly rate of +2.4%. The pace of growth was the most pronounced in June 2023 an increase of 23% m-o-m. Over the period under review, the average export prices hit record highs at $10,820 per ton in July 2023; however, from August 2023 to October 2023, the export prices stood at a somewhat lower figure.

Prices varied noticeably by the country of destination: the country with the highest price was Canada ($13,218 per ton), while the average price for exports to Nepal ($7,293 per ton) was amongst the lowest.

From November 2022 to October 2023, the most notable rate of growth in terms of prices was recorded for supplies to Nepal (+7.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India

In 2022, supplies from abroad of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground decreased by -30.1% to 18K tons, falling for the second year in a row after two years of growth. Over the period under review, imports continue to indicate a pronounced shrinkage. The growth pace was the most rapid in 2020 with an increase of 58%. As a result, imports reached the peak of 31K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.

In value terms, imports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground contracted remarkably to $114M in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by 53% against the previous year. As a result, imports attained the peak of $171M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

Top Suppliers of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground to India in 2022:

1. Madagascar (13.4K tons)
2. Comoros (2.2K tons)
3. Tanzania (0.8K tons)
4. Indonesia (0.8K tons)
5. Sri Lanka (0.8K tons)

Exports of Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground in India

In 2022, approx. 1.5K tons of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground were exported from India; rising by 66% against 2021 figures. Over the period under review, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of spices; cloves (whole fruit, cloves and stems), neither crushed nor ground skyrocketed to $12M in 2022. In general, exports saw significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Top Export Markets for Spices; Cloves (Whole Fruit, Cloves and Stems), Neither Crushed Nor Ground from India in 2022:

1. United Arab Emirates (511.5 tons)
2. United States (283.8 tons)
3. Canada (83.2 tons)
4. Nepal (67.4 tons)
5. Saudi Arabia (50.0 tons)
6. Bangladesh (48.1 tons)
7. South Africa (40.8 tons)
8. Libya (38.0 tons)
9. Morocco (37.0 tons)
10. Gambia (25.0 tons)
11. Dominican Republic (25.0 tons)
12. Vietnam (24.5 tons)
13. United Kingdom (24.4 tons)

Source: IndexBox Market Intelligence Platform