Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK - 2023

Contents:

1. Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK (CIF) - 2023
2. Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK (FOB) - 2023
3. Imports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK
4. Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK

Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK (CIF) - 2023

The average import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground stood at $6,399 per ton in December 2023, increasing by 20% against the previous month. Over the period under review, import price indicated a mild increase from December 2022 to December 2023: its price increased at an average monthly rate of +1.4% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, import price for spices; cinnamon and cinnamon-tree flowers, crushed or ground increased by +27.8% against October 2023 indices. The most prominent rate of growth was recorded in February 2023 when the average import price increased by 64% against the previous month. As a result, import price attained the peak level of $7,851 per ton. From March 2023 to December 2023, the average import prices remained at a lower figure.

Prices varied noticeably by the country of origin: the country with the highest price was Indonesia ($13,638 per ton), while the price for India ($3,053 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 Madagascar (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK (FOB) - 2023

The average export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground stood at $8,301 per ton in December 2023, dropping by -11.3% against the previous month. In general, export price indicated a mild expansion from December 2022 to December 2023: its price increased at an average monthly rate of +1.8% over the last twelve-month period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on December 2023 figures, export price for spices; cinnamon and cinnamon-tree flowers, crushed or ground increased by +50.4% against October 2023 indices. The most prominent rate of growth was recorded in November 2023 an increase of 70% against the previous month. As a result, the export price reached the peak level of $9,360 per ton, and then contracted in the following month.

There were significant differences in the average prices for the major overseas markets. In December 2023, the country with the highest price was Ireland ($8,521 per ton), while the average price for exports to France ($5,603 per ton) was amongst the lowest.

From December 2022 to December 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+3.6%), 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 UK

For the fourth year in a row, the UK recorded growth in overseas purchases of spices; cinnamon and cinnamon-tree flowers, crushed or ground, which increased by 13% to 2K tons in 2022. The total import volume increased at an average annual rate of +6.5% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of spices; cinnamon and cinnamon-tree flowers, crushed or ground expanded significantly to $10M in 2022. The total import value increased at an average annual rate of +12.3% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 21%. Imports peaked in 2022 and are likely to continue growth in the immediate term.

Top Suppliers of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground to the UK in 2022:

1. Vietnam (575.2 tons)
2. Indonesia (391.0 tons)
3. India (261.9 tons)
4. China (202.8 tons)
5. Madagascar (189.3 tons)
6. Netherlands (152.6 tons)
7. Sri Lanka (98.4 tons)
8. Spain (82.4 tons)
9. Germany (9.4 tons)

Exports of Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground in the UK

In 2022, shipments abroad of spices; cinnamon and cinnamon-tree flowers, crushed or ground decreased by -37.4% to 291 tons, falling for the second consecutive year after two years of growth. Over the period under review, exports saw a deep slump. The pace of growth appeared the most rapid in 2020 with an increase of 48%. As a result, the exports attained the peak of 540 tons. From 2021 to 2022, the growth of the exports of failed to regain momentum.

In value terms, exports of spices; cinnamon and cinnamon-tree flowers, crushed or ground fell notably to $2M in 2022. Overall, exports saw a slight setback. The pace of growth was the most pronounced in 2020 with an increase of 39% against the previous year. As a result, the exports reached the peak of $2.9M. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.

Top Export Markets for Spices; Cinnamon and Cinnamon-Tree Flowers, Crushed or Ground from the UK in 2022:

1. Netherlands (133.0 tons)
2. Ireland (56.0 tons)
3. United States (29.3 tons)
4. Armenia (17.3 tons)
5. France (11.1 tons)
6. Russia (7.1 tons)
7. Germany (6.8 tons)
8. Italy (0.8 tons)

Source: IndexBox Market Intelligence Platform