GCC: Clove Market 2024

Clove Exports

Exports in GCC

Clove exports fell dramatically to X tons in 2022, waning by -56% against 2021 figures. Over the period under review, exports, however, showed a prominent expansion. The most prominent rate of growth was recorded in 2020 with an increase of 189%. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, clove exports fell modestly to $X in 2022. Overall, exports, however, showed a strong expansion. The most prominent rate of growth was recorded in 2017 with an increase of 206%. As a result, the exports reached the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, resulting at X tons, which was near 86% of total exports in 2022. It was distantly followed by Saudi Arabia (X tons), committing a 6.7% share of total exports. The following exporters - Oman (X tons) and Kuwait (X tons) - each reached a 5.9% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to clove exports from the United Arab Emirates stood at +7.6%. At the same time, Kuwait (+28.5%) and Oman (+22.3%) displayed positive paces of growth. Moreover, Kuwait emerged as the fastest-growing exporter exported in GCC, with a CAGR of +28.5% from 2012-2022. By contrast, Saudi Arabia (-3.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Oman and Kuwait increased by +6.8, +2.3 and +2.3 percentage points, respectively.

In value terms, the United Arab Emirates ($X) remains the largest clove supplier in GCC, comprising 81% of total exports. The second position in the ranking was taken by Saudi Arabia ($X), with an 8.1% share of total exports. It was followed by Oman, with a 4.5% share.

In the United Arab Emirates, clove exports expanded at an average annual rate of +5.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Saudi Arabia (-0.8% per year) and Oman (+31.3% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, jumping by 116% against the previous year. Over the period under review, the export price, however, saw a slight descent. Over the period under review, the export prices attained the maximum at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Kuwait ($X per ton), while the United Arab Emirates ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+7.4%), while the other leaders experienced mixed trends in the export price figures.

Clove Imports

Imports in GCC

After four years of growth, purchases abroad of cloves decreased by -8.9% to X tons in 2022. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +71.6% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 25%. The volume of import peaked at X tons in 2021, and then shrank in the following year.

In value terms, clove imports dropped notably to $X in 2022. Total imports indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +35.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by 67% against the previous year. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

The United Arab Emirates represented the major importer of cloves in GCC, with the volume of imports reaching X tons, which was approx. 69% of total imports in 2022. It was distantly followed by Saudi Arabia (X tons), achieving a 23% share of total imports. The following importers - Oman (X tons), Kuwait (X tons) and Qatar (X tons) - each recorded a 6% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to clove imports into the United Arab Emirates stood at +5.6%. At the same time, Qatar (+18.7%), Oman (+11.6%), Saudi Arabia (+3.0%) and Kuwait (+3.0%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in GCC, with a CAGR of +18.7% from 2012-2022. While the share of the United Arab Emirates (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Saudi Arabia (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported cloves in GCC, comprising 67% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 25% share of total imports. It was followed by Qatar, with a 2.1% share.

In the United Arab Emirates, clove imports remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Saudi Arabia (+12.5% per year) and Qatar (+20.1% per year).

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, dropping by -10.8% against the previous year. Overall, the import price showed a slight curtailment. The pace of growth appeared the most rapid in 2021 when the import price increased by 34% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Qatar ($X per ton) and Saudi Arabia ($X per ton), while the United Arab Emirates ($X per ton) and Oman ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+9.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform