Price for Spices; Cardamoms, Crushed or Ground in the Philippines - 2023

Price for Spices; Cardamoms, Crushed or Ground in the Philippines (CIF) - 2022

In 2022, the average import price for spices; cardamoms, crushed or ground amounted to $20,014 per ton, reducing by -23.3% against the previous year. In general, import price indicated resilient growth from 2017 to 2022: its price increased at an average annual rate of +7.9% over the last five years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, spices; cardamoms, crushed or ground import price decreased by -25.8% against 2020 indices. The most prominent rate of growth was recorded in 2019 an increase of 39% against the previous year. Over the period under review, average import prices hit record highs at $26,975 per ton in 2020; however, from 2021 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($20,015 per ton), while the price for Germany amounted to $20,012 per ton.

From 2017 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+27.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Spices; Cardamoms, Crushed or Ground in the Philippines (FOB) - 2022

The average export price for spices; cardamoms, crushed or ground stood at $26,614 per ton in 2022, remaining constant against the previous year. Over the period under review, the export price, however, continues to indicate a noticeable descent. The export price peaked at $29,300 per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for Turkey.

From 2020 to 2022, the rate of growth in terms of prices for Turkey amounted to 0.0% per year.

Imports of Spices; Cardamoms, Crushed or Ground in the Philippines

For the fourth year in a row, the Philippines recorded growth in supplies from abroad of spices; cardamoms, crushed or ground, which increased by 57% to 5.1 tons in 2022. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 190%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, spices; cardamoms, crushed or ground imports surged to $103K in 2022. Overall, imports enjoyed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 255%. Over the period under review, imports hit record highs in 2022 and are likely to see gradual growth in the near future.

Import of Spices; Cardamoms, Crushed or Ground in the Philippines (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
India	9.2	18.1	83.1	66.2	93.1%
Germany	N/A	12.9	N/A	36.8	68.9%
United States	3.8	2.9	1.4	N/A	-39.3%
Others	0.6	14.5	1.3	N/A	47.2%
Total	13.6	48.4	85.8	103	96.4%

Top Suppliers of Spices; Cardamoms, Crushed or Ground to the Philippines in 2022:

India (3.3 tons)
Germany (1.8 tons)

Exports of Spices; Cardamoms, Crushed or Ground in the Philippines

After two years of growth, shipments abroad of spices; cardamoms, crushed or ground decreased by -47% to 526 kg in 2022. Overall, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 1,555%. As a result, the exports reached the peak of 993 kg, and then fell remarkably in the following year.

In value terms, spices; cardamoms, crushed or ground exports shrank rapidly to $14K in 2022. Over the period under review, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 1,393%. As a result, the exports reached the peak of $26K, and then declined markedly in the following year.