ASEAN: Clove Market 2024

Clove Market Size in ASEAN

In 2022, the ASEAN clove market increased by 4.5% to $X, rising for the second consecutive year after two years of decline. The market value increased at an average annual rate of +3.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the peak level in 2022 and is expected to retain growth in years to come.

Clove Production in ASEAN

In value terms, clove production fell slightly to $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +3.2% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 87% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

The country with the largest volume of clove production was Indonesia (X tons), accounting for 98% of total volume. It was followed by Singapore (X tons), with a 1.9% share of total production.

From 2012 to 2022, the average annual growth rate of volume in Indonesia totaled +3.6%.

In 2022, the average yield of cloves in ASEAN totaled X kg per ha, picking up by 2.7% compared with the year before. The yield figure increased at an average annual rate of +2.2% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when the yield increased by 17%. The level of yield peaked at X kg per ha in 2015; however, from 2016 to 2022, the yield failed to regain momentum. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

The clove harvested area totaled X ha in 2022, standing approx. at the year before. The harvested area increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 6% against the previous year. Over the period under review, the harvested area dedicated to clove production attained the peak figure at X ha in 2020; however, from 2021 to 2022, the harvested area stood at a somewhat lower figure.

Clove Exports

Exports in ASEAN

In 2022, exports of cloves in ASEAN shrank to X tons, which is down by -10.3% on 2021. Over the period under review, exports, however, showed notable growth. The pace of growth was the most pronounced in 2014 when exports increased by 96% against the previous year. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, clove exports skyrocketed to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 87%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Singapore (X tons) and Indonesia (X tons) prevails in exports structure, together making up 98% of total exports. Vietnam (X tons) held a relatively small share of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +3.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Singapore ($X), Indonesia ($X) and Vietnam ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 100% of total exports.

Indonesia, with a CAGR of +9.1%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in ASEAN stood at $X per ton in 2022, jumping by 39% against the previous year. Over the period under review, the export price, however, saw a mild reduction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.0%), while the other leaders experienced a decline in the export price figures.

Clove Imports

Imports in ASEAN

In 2022, supplies from abroad of cloves increased by 43% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports continue to indicate a pronounced increase. The pace of growth was the most pronounced in 2016 when imports increased by 103%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, clove imports surged to $X in 2022. Overall, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 95%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

Imports by Country

In 2022, Singapore (X tons) was the key importer of cloves, achieving 71% of total imports. Indonesia (X tons) ranks second in terms of the total imports with an 18% share, followed by Malaysia (8.7%).

Imports into Singapore increased at an average annual rate of +1.0% from 2012 to 2022. At the same time, Indonesia (+25.7%) and Malaysia (+3.9%) displayed positive paces of growth. Moreover, Indonesia emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +25.7% from 2012-2022. While the share of Indonesia (+15 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Singapore (-15.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X) constitutes the largest market for imported cloves in ASEAN, comprising 70% of total imports. The second position in the ranking was held by Indonesia ($X), with a 21% share of total imports.

In Singapore, clove imports shrank by an average annual rate of -1.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+28.9% per year) and Malaysia (-1.3% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2022, picking up by 5.3% against the previous year. Overall, the import price, however, saw a noticeable setback. The pace of growth appeared the most rapid in 2021 an increase of 22%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform