Ecuador: Clove Market 2024

Clove Market Size in Ecuador

The Ecuadorian clove market skyrocketed to $X in 2022, with an increase of 37% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed mild growth. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Clove Exports

Exports from Ecuador

In 2022, shipments abroad of cloves was finally on the rise to reach X kg for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, showed a mild contraction. The pace of growth was the most pronounced in 2016 with an increase of 91%. Over the period under review, the exports reached the maximum at X kg in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, clove exports rose markedly to $X in 2022. Over the period under review, exports, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 49% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Colombia (X kg), France (X kg) and the United States (X kg) were the main destinations of clove exports from Ecuador, together accounting for 99% of total exports. Moreover, clove exports in Colombia exceeded the figures recorded by the second-largest exporter, France, twofold.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +27.8%), while the other leaders experienced mixed trend patterns.

In value terms, Colombia ($X) remains the key foreign market for cloves exports from Ecuador, comprising 61% of total exports. The second position in the ranking was held by France ($X), with a 30% share of total exports. It was followed by the United States, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value to Colombia totaled +2.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+14.2% per year) and the United States (-9.8% per year).

Export Prices by Country

The average clove export price stood at $X per ton in 2022, standing approx. at the previous year. Overall, the export price, however, showed a mild shrinkage. The pace of growth appeared the most rapid in 2018 when the average export price increased by 36% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the Netherlands ($X 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 the United States (+12.8%), while the prices for the other major destinations experienced a decline.

Clove Imports

Imports into Ecuador

In 2022, imports of cloves into Ecuador surged to X tons, picking up by 41% on the previous year's figure. Over the period under review, imports saw a perceptible increase. The pace of growth appeared the most rapid in 2018 with an increase of 107% against the previous year. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, clove imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a mild downturn. The growth pace was the most rapid in 2018 when imports increased by 142%. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Brazil (X tons) constituted the largest clove supplier to Ecuador, with a 69% share of total imports. Moreover, clove imports from Brazil exceeded the figures recorded by the second-largest supplier, Singapore (X tons), eightfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Brazil totaled +15.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-14.5% per year) and the United States (+140.4% per year).

In value terms, Brazil ($X) constituted the largest supplier of cloves to Ecuador, comprising 68% of total imports. The second position in the ranking was held by Singapore ($X), with a 9.8% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Brazil amounted to +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-17.9% per year) and the United States (+39.7% per year).

Import Prices by Country

The average clove import price stood at $X per ton in 2022, reducing by -4.6% against the previous year. Overall, the import price recorded a deep slump. The most prominent rate of growth was recorded in 2013 when the average import price increased by 27% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-4.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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