Price for Spices; Ginger, Crushed or Ground in Latvia - 2023
Contents:
- Price for Spices; Ginger, Crushed or Ground in Latvia (CIF) - 2022
- Price for Spices; Ginger, Crushed or Ground in Latvia (FOB) - 2022
- Imports of Spices; Ginger, Crushed or Ground in Latvia
- Exports of Spices; Ginger, Crushed or Ground in Latvia
Price for Spices; Ginger, Crushed or Ground in Latvia (CIF) - 2022
In 2022, the average import price for spices; ginger, crushed or ground amounted to $2,566 per ton, declining by -4.3% against the previous year. Overall, the import price recorded a abrupt contraction. The growth pace was the most rapid in 2021 an increase of 35%. The import price peaked at $5,129 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Estonia ($10,712 per ton), while the price for Peru ($1,708 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lithuania (+6.4%), while the prices for the other major suppliers experienced a decline.
Price for Spices; Ginger, Crushed or Ground in Latvia (FOB) - 2022
The average export price for spices; ginger, crushed or ground stood at $2,879 per ton in 2022, declining by -4.1% against the previous year. Overall, the export price recorded a abrupt downturn. The growth pace was the most rapid in 2020 when the average export price increased by 68%. The export price peaked at $6,463 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.
Average prices varied somewhat for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Poland ($3,490 per ton) and the Czech Republic ($3,375 per ton), while the average price for exports to Ukraine ($2,339 per ton) and Serbia ($2,356 per ton) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Czech Republic (+8.2%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Spices; Ginger, Crushed or Ground in Latvia
In 2022, approx. 147 tons of spices; ginger, crushed or ground were imported into Latvia; reducing by -19.9% compared with the previous year's figure. In general, imports, however, showed a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of 86%. As a result, imports reached the peak of 183 tons, and then reduced sharply in the following year.
In value terms, spices; ginger, crushed or ground imports contracted dramatically to $376K in 2022. Over the period under review, imports, however, enjoyed significant growth. The growth pace was the most rapid in 2021 when imports increased by 152%. As a result, imports attained the peak of $490K, and then fell significantly in the following year.
| Import of Spices; Ginger, Crushed or Ground in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Nigeria | 85.1 | 63.6 | 183 | 131 | 15.5% |
| Peru | 49.2 | 101 | 162 | 128 | 37.5% |
| Estonia | 10.1 | 15.8 | 104 | 85.0 | 103.4% |
| Lithuania | 3.9 | 4.8 | 16.6 | 23.4 | 81.7% |
| Others | 7.0 | 9.9 | 24.9 | 8.2 | 5.4% |
| Total | 155 | 195 | 490 | 376 | 34.4% |
Top Suppliers of Spices; Ginger, Crushed or Ground to Latvia in 2022:
- Peru (75.0 tons)
- Nigeria (58.2 tons)
- Estonia (7.9 tons)
- Lithuania (3.5 tons)
Exports of Spices; Ginger, Crushed or Ground in Latvia
In 2022, exports of spices; ginger, crushed or ground from Latvia surged to 76 tons, with an increase of 94% against the previous year's figure. In general, exports enjoyed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
In value terms, spices; ginger, crushed or ground exports skyrocketed to $218K in 2022. Overall, exports continue to indicate significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
| Export of Spices; Ginger, Crushed or Ground in Latvia (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Russia | 46.9 | 52.5 | 46.0 | 72.6 | 15.7% |
| Poland | N/A | N/A | N/A | 32.0 | 0% |
| Romania | N/A | N/A | N/A | 21.9 | 0% |
| Ukraine | 13.5 | 13.9 | 32.2 | 18.7 | 11.5% |
| Czech Republic | N/A | N/A | N/A | 12.7 | 0% |
| Kazakhstan | N/A | N/A | N/A | 12.5 | 0% |
| Hungary | N/A | N/A | N/A | 12.4 | 0% |
| Bulgaria | N/A | N/A | N/A | 12.4 | 0% |
| Serbia | N/A | N/A | 29.9 | 7.1 | -76.3% |
| Others | 6.9 | 8.0 | 8.9 | 15.6 | 31.2% |
| Total | 67.4 | 74.4 | 117 | 218 | 47.9% |
Top Export Markets for Spices; Ginger, Crushed or Ground from Latvia in 2022:
- Russia (28.0 tons)
- Poland (9.2 tons)
- Ukraine (8.0 tons)
- Romania (7.1 tons)
- Kazakhstan (5.0 tons)
- Bulgaria (5.0 tons)
- Hungary (4.4 tons)
- Czech Republic (3.8 tons)
- Serbia (3.0 tons)
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