Price for Spices; Mace, Crushed or Ground in Thailand - 2023

Price for Spices; Mace, Crushed or Ground in Thailand (CIF) - 2022

In 2022, the average import price for spices; mace, crushed or ground amounted to $53,589 per ton, increasing by 36% against the previous year. In general, the import price recorded a slight increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 77% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($75,195 per ton), while the price for Germany ($4,591 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+19.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Spices; Mace, Crushed or Ground in Thailand (FOB) - 2022

In 2022, the average export price for spices; mace, crushed or ground amounted to $18,667 per ton, remaining stable against the previous year. In general, the export price enjoyed prominent growth. The most prominent rate of growth was recorded in 2017 when the average export price increased by 38% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2014 to 2022, the rate of growth in terms of prices for Maldives amounted to +4.2% per year.

Imports of Spices; Mace, Crushed or Ground in Thailand

In 2022, purchases abroad of spices; mace, crushed or ground decreased by -36% to 1.2 tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a deep slump. The pace of growth was the most pronounced in 2020 when imports increased by 39% against the previous year. As a result, imports reached the peak of 2.5 tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, spices; mace, crushed or ground imports dropped to $63K in 2022. Over the period under review, total imports indicated a buoyant expansion from 2019 to 2022: its value increased at an average annual rate of +18.7% 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 -19.2% against 2020 indices. The growth pace was the most rapid in 2020 with an increase of 107%. As a result, imports reached the peak of $78K. From 2021 to 2022, the growth of imports failed to regain momentum.

Import of Spices; Mace, Crushed or Ground in Thailand (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Malaysia	23.4	76.5	72.3	57.7	35.1%
Indonesia	13.0	1.2	N/A	4.8	-28.3%
Australia	0.4	N/A	N/A	0.5	7.7%
Germany	0.1	0.2	N/A	0.2	26.0%
Others	0.8	0.4	0.2	0.1	-50.0%
Total	37.8	78.3	72.5	63.3	18.8%

Top Suppliers of Spices; Mace, Crushed or Ground to Thailand in 2022:

Malaysia (767.0 kg)
Indonesia (326.0 kg)
Germany (46.0 kg)
Australia (39.0 kg)

Exports of Spices; Mace, Crushed or Ground in Thailand

In 2022, exports of spices; mace, crushed or ground from Thailand amounted to 12 kg, leveling off at 2021 figures. Overall, exports recorded a dramatic curtailment. The smallest decline of -88.1% was in 2020.

In value terms, spices; mace, crushed or ground exports stood at $224 in 2022. Over the period under review, exports faced a sharp descent. The smallest decline of -90.8% was in 2020.