Price for Spices; Ginger, Neither Crushed Nor Ground in Turkey - 2024
Contents:
- Price for Spices; Ginger, Neither Crushed Nor Ground in Turkey (CIF) - 2024
- Price for Spices; Ginger, Neither Crushed Nor Ground in Turkey (FOB) - 2022
- Imports of Spices; Ginger, Neither Crushed Nor Ground in Turkey
- Exports of Spices; Ginger, Neither Crushed Nor Ground in Turkey
Price for Spices; Ginger, Neither Crushed Nor Ground in Turkey (CIF) - 2024
The average import price for spices; ginger, neither crushed nor ground stood at $1,296 per ton in January 2024, surging by 10% against the previous month. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 46% m-o-m. Over the period under review, average import prices hit record highs at $1,868 per ton in April 2023; however, from May 2023 to January 2024, import prices stood at a somewhat lower figure.
Average prices varied noticeably amongst the major supplying countries. In January 2024, the country with the highest price was Brazil ($1,523 per ton), while the price for China stood at $1,266 per ton.
From January 2023 to January 2024, the most notable rate of growth in terms of prices was attained by Brazil (+5.5%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Spices; Ginger, Neither Crushed Nor Ground in Turkey (FOB) - 2022
In 2022, the average export price for spices; ginger, neither crushed nor ground amounted to $2,247 per ton, falling by -2% against the previous year. Over the period under review, the export price showed a abrupt setback. The growth pace was the most rapid in 2020 when the average export price increased by 77% against the previous year. Over the period under review, the average export prices reached the maximum at $6,437 per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Morocco ($2,869 per ton), while the average price for exports to Bulgaria ($1,315 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Lebanon (+15.0%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Ginger, Neither Crushed Nor Ground in Turkey
In 2022, supplies from abroad of spices; ginger, neither crushed nor ground decreased by -5.2% to 3.8K tons, falling for the second consecutive year after two years of growth. Overall, total imports indicated a resilient increase from 2019 to 2022: its volume increased at an average annual rate of +6.9% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.8% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 65% against the previous year. As a result, imports attained the peak of 5.1K tons. From 2021 to 2022, the growth of imports of remained at a lower figure.
In value terms, imports of spices; ginger, neither crushed nor ground declined to $4.6M in 2022. In general, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +11.3% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -31.2% against 2020 indices. The pace of growth was the most pronounced in 2020 with an increase of 100% against the previous year. As a result, imports attained the peak of $6.6M. From 2021 to 2022, the growth of imports of failed to regain momentum.
| Import of Spices; Ginger, Neither Crushed Nor Ground in Turkey (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 2,920 | 4,670 | 3,916 | 3,015 | 1.1% |
| India | 3.5 | 280 | 600 | 651 | 470.8% |
| Nigeria | 223 | 885 | 414 | 560 | 35.9% |
| Brazil | 156 | 265 | 219 | 258 | 18.3% |
| Iran | 0.8 | 5.8 | N/A | 43.3 | 278.3% |
| Others | 4.0 | 521 | 102 | 32.5 | 101.0% |
| Total | 3,308 | 6,628 | 5,251 | 4,560 | 11.3% |
Top Suppliers of Spices; Ginger, Neither Crushed Nor Ground to Turkey in 2022:
- China (2407.9 tons)
- India (408.8 tons)
- Brazil (392.8 tons)
- Nigeria (335.5 tons)
- Iran (180.4 tons)
Exports of Spices; Ginger, Neither Crushed Nor Ground in Turkey
After three years of growth, overseas shipments of spices; ginger, neither crushed nor ground decreased by -39% to 186 tons in 2022. Overall, exports, however, continue to indicate a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 91%.
In value terms, exports of spices; ginger, neither crushed nor ground dropped sharply to $418K in 2022. Over the period under review, exports, however, saw a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 239% against the previous year.
| Export of Spices; Ginger, Neither Crushed Nor Ground in Turkey (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Syrian Arab Republic | 23.0 | 172 | 321 | 114 | 70.5% |
| Egypt | 39.2 | 46.1 | 46.7 | 112 | 41.9% |
| Morocco | N/A | 47.7 | N/A | 74.6 | 25.1% |
| Azerbaijan | 4.8 | 54.1 | 19.3 | 54.2 | 124.3% |
| Libya | N/A | N/A | 33.9 | 22.0 | -35.1% |
| Lebanon | N/A | 18.3 | 15.0 | 11.5 | -20.7% |
| Bulgaria | 1.3 | N/A | 2.0 | 5.3 | 59.8% |
| Iraq | 7.9 | N/A | 52.5 | 0.1 | -76.7% |
| Italy | N/A | N/A | 42.7 | N/A | 0% |
| Iran | 25.2 | N/A | N/A | N/A | 0% |
| Ukraine | N/A | N/A | 41.7 | N/A | 0% |
| Others | 17.5 | 64.8 | 124 | 24.5 | 11.9% |
| Total | 119 | 403 | 699 | 418 | 52.0% |
Top Export Markets for Spices; Ginger, Neither Crushed Nor Ground from Turkey in 2022:
- Syrian Arab Republic (59.1 tons)
- Egypt (48.0 tons)
- Azerbaijan (28.2 tons)
- Morocco (26.0 tons)
- Libya (9.9 tons)
- Lebanon (5.0 tons)
- Bulgaria (4.0 tons)
- Iraq (0.1 tons)
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