BULLETIN

MNS August 2010

SPICES
MARKET NEWS SERVICE (MNS)
BI-MONTHLY EDITION
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 Market News Service
Spices
Report prepared for ITC’s Market News Service by: Peter Jaeger

Issue 3, august 2010

The Market News Service of the International Trade Centre UNCTAD/WTO (ITC) provides timely
and detailed price and market information on selected primary and semi-processed products of
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Spices
 INDEX

MARKET TRENDS.............................................................................................................................. 3

STATISTICAL REVIEW OF EXPORTS .............................................................................................. 6

PRICES IN THE MARKET PLACE ...................................................................................................13

Spices ............................................................................................................................................13

PRICES IN THE MARKET PLACE ...................................................................................................18

Herbs .............................................................................................................................................18
APPENDIX ........................................................................................................................................20

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Market Trends
Little news in the market with most new crops The second point from the garlic story relates
coming in as expected. Garlic is a to the impact of speculation which has played
particularly notable exception here, and the a part in boosting domestic prices for garlic in
shortfall of the Chinese crop is causing China. The government felt it necessary to
considerable concern in the market. The intervene at one point. On a global scale,
Chinese dehydrators are unable to access however, national government intervention is
sufficient material and domestic prices for not so easy: we saw this recently with the
fresh product have risen to the alarm of the 2008 price hikes in food commodities where
government. a potential shortfall was exaggerated by a
combination of protectionism and
There are two points of interest to the wider speculation.
spice trade here.
The commodity markets have always
The first concerns the increasing appealed to speculators, and, indeed, they
concentration of supply in a single origin or are necessary in the Futures markets where
region. The global market for dried garlic is they bring liquidity that allows the dealers of
heavily dependent on exports from China and physical commodities to set and lift their
yet China will be a net importer this year. hedges. The physical pepper markets and
This may benefit the growers in India, but the clove demand have always attracted
India is typically an importer from China, and speculation too – with a durable product and
so the Indian domestic market will undergo a seasonal crops there have been opportunities
structural change too. Meanwhile the USA, to exploit the temporary imbalances of supply
which once had a major garlic industry of its and demand, without, it should be said, any
own centred on Gilroy in California that obvious benefit to the wider market. A
succumbed to the weight of lower priced number of spices are quite vulnerable to
Chinese imports, is now left with a shortfall in speculative activity in that the volumes of
its supply. supply are relatively small and the demand is
fixed by the absence of any substitutes.
In this issue of the newsletter (pages 6-11)
we have charted the exports of a number of Perhaps the risks can be reduced by
spices by origin over the past five years. You encouraging and supporting more diversified
will note the concentration of supply in a production.
number of the products.

Pepper
Since our last report, markets firmed initially physical stocks. It is not clear how much is
before settling to flat line as Ramadan got left in Viet Nam and, with Brazil now
underway. Trading has been thin throughout available, Viet Nam is expensive.
and now, since Eid, there has been little sign
of business picking up in the global trade. The IPC have reported the following
th
information for the week ending the 24
Indian markets have been as volatile as ever September 2010:-
but traders report little activity in shifting

Product Origin Grade Price ( US$ / MT )

Producer prices
White Pepper Indonesia Pkl. Pinang 5189
Malaysia Kuching 5168
China Hainan n.a.
Vietnam HCMC 5077

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 Product Origin Grade Price ( US$ / MT )
FOB prices
White Pepper Brazil Belem 6200
Indonesia FAQ n.a.
Malaysia FAQ 6200
China Haikou n.a.
Vietnam FAQ 5600
Producer prices
Black Pepper Brazil Para 3772
Sri Lanka 3422
Indonesia Lampung 3292
India Cochin 4215
Vietnam HCMC 3759
Malaysia Kuching 3332
FOB prices
Black Pepper Indonesia ASTA n.a.
Brazil ASTA 4225
Vietnam 500g/l 3775
Malaysia ASTA 4710
India ASTA 4436

Cardamom
Prices remain very high.

Coriander
There are early hints that the availability of and trading is thin but more activity is
coriander may fall below expectations with expected into Quarter 4. The Canadian
reduced yields in Eastern European harvest was delayed by rain.
producers. The demand side is holding back

Garlic
The Chinese crop of fresh garlic has of August 2009. The global trade relies
emerged as well below typical levels, leaving heavily on supplies from China and the once
processors short of material for dehydration. substantial US production, reduced under
This follows a difficult winter and heavy rains price pressure from Chinese imports, is now
in the spring and crops are held by the trade insufficient to meet North American demand.
to be 40% down. China will be a net importer There are some carry over stock available
this year and the shortfall is having a but traders believe that these are unlikely to
significant impact on prices in India where meet the demand. The next Chinese crop is
domestic prices are already double the levels not due for over nine months.

Ginger
A good ginger crop is reported in Jamaica, global shortage which is pushing prices yet
but the volumes are small (400 tonnes dried higher.
equivalent) and insufficient to impact on the

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Mace & Nutmeg
Further gains in prices. Poor weather is held Eastern producing areas. The harvest
responsible for the low outturn in the crop running to the end of the year may bring
earlier in the year in South Asian and Far some respite.

Pimento
The Ministry of Agriculture & Fisheries in Price – Under the tight supply situation, the
Jamaica comments as follows: price on Jamaican pimento has rallied from a
10-year low of USD 2,950/mt (FOB) in
Supply - The 2010 pimento crop in Jamaica January 2010 to USD 4,000/mt (FOB) in
has been severely affected by drought August 2010. During the 2000 and 2001
conditions during the last quarter of 2009 into crops, (which mirror the 2010 crop) prices on
the first quarter of 2010. The crop is Jamaican pimento ranged between USD
expected to produce about 50% of normal 4,700/mt and 5,100/mt FOB basis.
output. Exportable supply is estimated at 600
to 700 tonnes. Coupled with low domestic Structural Changes - Ongoing shifting of the
inventory, supplies of Jamaican pimento are pimento inventory management program
expected to remain tight until the 2011 crop from the government to private operators can
comes around. From all indication, the 2010 inject uncertainty and speculation in the
crop appears to mimic 2000 and 2001 crops. Jamaican pimento market over the short-
Currently, exporters are strategically rationing term.
supplies to ensure market presence into
2011.

Poppy
Was low priced, but it seems that some European producers are holding back from sales and
prices have moved up in response.

Sesame
A flurry of buying was reported in India as though the new crop is close at hand. Fears
traders moved to secure old crop even for a gap between the two crops were noted.

Turmeric
Domestic prices in India have remained steady at their very elevated levels. Futres prices have
registered strong gains lately.

Vanilla
The new vanilla campaign got under way little impact on trade prices but at least has
through July and August in Madagascar with removed the obligation to declare exports at
the abolition of the government set floor $27/kg even though contracts were being
price. The abolition seems to have had very agreed below this.

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Statistical Review of Exports
The following pages present charts see for example nutmeg or cardamom, would
illustrating the recent exports of 12 major point to a supply side shortage rather than a
spices. limit on demand.

The below data is taken from the UN Only vanilla still lingers at the low end of the
COMTRADE database and for the most part price range, and supplies continue to fulfil
data up to 2009 is available. More spices are demand. There are serious concerns in
recorded in the COMTRADE database but vanilla over fungal attack of the plantings and
only a selection of spices are shown here. perhaps this will change the outlook here,
but, as yet, stocks at the importer level are
It is interesting to note that only ginger and rotated rather than drawn down.
Capsicums show an upward trend in trade;
the steady tone of the market in other spices,

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 Global Exports of Nutmeg
Top 5 Exporters

20,000

15,000  Global trade in nutmegs averages 12,000 to 15,000 tonnes

 Indonesia, where nutmeg is native, dominates production and exports
Sri Lanka
Grenada  Sri Lanka is an important supplier to India. Sri Lankan exports for 2009 have
Tonnes

10,000 Brazil
India not been reported
Indonesia
 Grenadian exports are now minimal
5,000

0
2005 2006 2007 2008 2009

Global Exports of Mace

9,000

6,000

 Global trade in mace has halved.

United Rep. of Tanzania

Tonnes
Sri Lanka
Indonesian exports are dramatically lower Brazil
Indonesia

3,000

0
2005 2006 2007 2008 2009

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 Global Exports of Turmeric
Top 5 Exporters

70,000

60,000

50,000

 Global trade in turmeric is dependent on the supply and demand balance in

Indonesia
40,000
Ethiopia India.
Tonnes

China

30,000
Viet Nam
India
 Exports are fairly stable at about 60,000 tonnes.

20,000

10,000

0
2005 2006 2007 2008 2009

Global Exports of Vanilla

Top 4 Exporters

5,000

 Madagascar is the major origin for vanilla. 4,000

 Other significant supplies are available from Uganda, Indonesia and India.
 Uganda has not reported exports for 2009, but trade sources report exports of at 3,000

least 200 tonnes. Indonesia

Tonnes
India
Uganda
 The bumper outturn in Madagascar around 2006 and 2007 is readily seen Madagascar
2,000

 Prices at this time were pushed down to the floor allowing significant stocking by the
import trade
1,000

0
2005 2006 2007 2008 2009

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 Global Exports of Caraway Seeds
Top 7 Exporters

15,000

10,000  Caraway seed trade is rather variable

Poland
Germany
India  Finland is contributing less to the global trade, meanwhile the exports from
Tonnes

Netherlands
Egypt
Canada are increasing.
Canada
Finland
5,000

0
2005 2006 2007 2008 2009

Global Exports of Coriander Seeds

Top 10 Exporters

90,000

80,000

70,000

 Global trade in coriander seeds is quite stable at about 90,000 tonnes per year Ukraine
60,000
Syria
 The major suppliers are India and Bulgaria Romania
50,000 Morocco

Tonnes

Italy
Output from India has increased steadily over the past four years Iran
40,000 China
 Ukraine exports have not been reported yet for 2009 Canada
30,000
Bulgaria
India

20,000

10,000

0
2005 2006 2007 2008 2009

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 Global Exports of Pepper, whole
Top 7 Exporters

250,000

200,000

 Viet Nam is the major exporter of black pepper.

150,000
Sri Lanka  Exports from Viet Nam have not been reported for 2009 but are likely to be of
Mexico
Malaysia the same order as 2008.
Tonnes

India
Brazil
Indonesia
 This would leave supply well below the previous three years and drive a
100,000
Viet Nam drawdown of stocks.

50,000

0
2005 2006 2007 2008 2009

Global Exports of Ginger

Top 9 Exporters

500,000

450,000


400,000
The global trade in ginger is expanding
350,000
 China is the leading supplier Nigeria
Nepal
300,000
Malaysia
 The global market is very dependent on the Chinese market; the balance of supply to Indonesia

Tonnes
250,000 India
the dehydrators as well as the demand forms the fresh ginger trade. Ethiopia
200,000 Brazil
Thailand
China
150,000

100,000

50,000

0
2005 2006 2007 2008 2009

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 Global Exports of Cardamoms
Top 4 Exporters

45,000

40,000

35,000
 Exports of cardamoms have been falling.
30,000
 Current prices reflect this reduced availability
25,000 Nepal
 Nepal is a producer of cardamoms and does export, but the 2009 figure is
Tonnes

Indonesia

20,000
India probably a reporting error
Guatemala

15,000

10,000

5,000

0
2005 2006 2007 2008 2009

Global Exports of Cloves

Top 5 Exporters

35,000

 Indonesia dominates the clove trade in both production and consumption. 30,000

 Output in Indonesia is reportedly falling and the availability of Indonesian material on 25,000

the global market has clearly reduced.

United Rep. of Tanzania
 Some of the shortfall is being supplied by Madagascar. 20,000
Sri Lanka

Tonnes
Brazil

 Brazil and Tanzania have also increased their exports 15,000

Indonesia
Madagascar

 Sri Lankan exports for 2009 have not been reported.

10,000

5,000

0
2005 2006 2007 2008 2009

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 Global Exports of Capsicum
Top 7 Exporters

450,000

400,000

350,000

300,000  Dried capsicums – both for heat as chillies and for colour/flavour as paprika –
Tunisia
Spain
are the most important traded spice by volume.
250,000
Mexico

Tonnes

Malaysia India leads this trade, but China has gained in importance.
200,000 Peru
China
India  The volume of global trade has increased substantially.
150,000

100,000

50,000

0
2005 2006 2007 2008 2009

Global Exports of Cinnamon & Cassia

Top 7 Exporters

100,000

 True cinnamon is exported from Sri Lanka – whose exports for 2009 are not reported

80,000
True cinnamon accounts for about 12% of the total international trade of these two
bark products
Viet Nam
 Indonesia leads the supply of cassia from Sumatra but exports have been in decline 60,000
Brazil
Madagascar
for the past three years.

Tonnes
India
Sri Lanka

 Viet Nam and China are also important origins for cassia but the flavour profile differs 40,000 China
Indonesia
noticeably form the more cinnamon-like Indonesian cassia.

20,000

0
2005 2006 2007 2008 2009

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Prices in the market place
Spices
Grade = quality, grade, origin or other price related details
PLEASE REMEMBER THESE ARE ONLY PRICE INDICATIONS

All prices are quoted in US$/Kg

USA JAPAN EUROPE KUWAIT
PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE GRADE PRICE
This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year
Week ago Ago Week ago Ago Week ago Ago Week ago Ago
Spot $4.50 $3.88 $3.37 Sarawak $5.00 $4.70 $4.10 FAQ 500g/l $4.47 $3.56 $3.08
Tellicherry
$5.51 $4.19 $4.19 Mal MG-1 $5.40 $4.40 $3.75 FAQ 550g/l $4.65 $3.70 $3.23 MG1 n.q.
Extra Bold
Black Pepper
Nearby SteamTreated
$4.52 $3.86 $3.37 Lampung n.a. n.a. n.q. FAQ Vietnam n.q.
Delivery 550g/l
Brazil
Muntok Muntok FAQ
$6.28 $5.62 $5.40 Muntok n.q. n.q. n.q. $6.30 $5.60 $5.20 FAQ n.q.
FAQ spot spot
Muntok
Brazil Brazilian spot n.q. $5.10 $4.70
White Pepper nearby
Steam treated
Sarawak $7.50 $6.60 $6.80 n.q. n.q. $4.50
Muntok spot
Vietnam $6.35 $5.40 $4.96 Vietnam $6.43 $4.93 $4.45
Whole
$6.83 $6.50 $5.50 Syrian 1% $4.30 $6.15 $6.50
Aniseed China star
Syrian $6.83 $7.72 $6.61 FAQ n.q. n.q.
Canadian $2.69 $2.69 $2.47 FAQ
Caraway Dutch $2.69 $2.69 $2.47 Dutch $2.35 $2.45 $2.63

Fancy
$37.48 $37.48 $18.65 India AGS1 $30.00 $27.00 $17.50 MYQ $21.00 $20.50 $11.00 No 1 n.q.
Green
Cardamom
Mixed
$10.58 India AGS n.q. n.q. n.q. Bold $28.00 $28.00 $15.60 No 2 n.q.
Green

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 All prices are quoted in US$/Kg
USA JAPAN EUROPE KUWAIT
PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE GRADE PRICE
This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year
Week ago Ago Week ago Ago Week ago Ago Week ago Ago
Korintji A
Korintji B Br &
3.00 $1.59 $1.50 $1.28 China whole $2.45 $2.00 $1.90 $2.35 $1.40 $1.00
Cl
ML/SVO
Cassia Vera C/W
$3.42 $3.42 $2.36 China broken $2.25 $1.80 $1.70 Vera AA $2.25 $2.15 n.q. China broken n.q.
AA
Vietnamese Vietnam
$3.13 $3.13 $3.13 $2.40 $2.20 $2.10
5ML/SVO QNV
Indian spot $1.81 $1.85 $1.37 Indian n.q. n.q. n.q. Indian 99% $1.55 n.q. $1.50
Celery

Indian Indian
Indian S4 $2.54 $2.54 $2.43 n.q. n.q. n.q. S4 grade n.q. n.q. n.q. n.q.
Sannam powder
Chili
African Malawi Bird’s Pakistan
$3.97 $3.97 $3.97 Chinese n.q. n.q. n.q. n.q. $6.20 $6.30 n.q.
fukien Eye powder
Sri Lanka C5 Sri Lanka c5
Ceylon H2 $8.82 $7.28 $7.28 $19.50 $14.00 $14.00 $9.95 $9.00 n.q.
Cinnamon SP cut

Sri Lanka Comores /

$9.37 $9.37 $9.37 Madagascar $5.50 $5.50 $5.40 $5.50 $4.75 $4.70 n.q.
hand picked Madagascar
Cloves $6.06 $6.06 $5.51
Zanzibar Zanzibar n.q. n.q. n.q.
Indo stems $1.10 $1.10 $1.10
98% East
Bulgarian $1.43 $1.43 $1.30 $1.08 $1.05 $0.95 Indian n.q.
Coriander European
Canadian $1.61 $1.61 $1.54
Turkish n.q. n.q. n.q. Turkish 98% n.q. n.q. $3.05
Cumin Syrian $3.73 $3.09 $2.89 Syrian 99% $3.30 $2.56 $2.85 Iran n.q.
Indian $3.73 $3.09 $2.89 Indian n.q. n.q. n.q. Indian 99% $3.30 $2.80 $2.82 Indian n.q.
Indian $1.76 $1.76 $1.50 Indian 99% $1.60 n.q. n.q.
Dill

Fancy
Fennel $2.60 $2.09 $1.87 Egyptian99% $1.78 $1.53 n.q.
Egyptian

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 All prices are quoted in US$/Kg
USA JAPAN EUROPE KUWAIT
PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE GRADE PRICE
This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year
Week ago Ago Week ago Ago Week ago Ago Week ago Ago
Indian
$2.54 $2.38 $2.20 Indian n.q. n.q. n.q. Indian 99% $2.50 $2.28 $2.13 Indian n.q.
ASTA
Fenugreek Turkey $1.10 $1.10 $1.10 Indian 99% $0.91 $0.87 $0.83 Indian n.q.
Ch. Powder $4.08 $2.58 $1.46 Flakes n.q. $2.60 $1.90
Garlic Ch. Gran’d $4.30 $2.80 $1.61 Powder n.q. $1.60 $1.15
Granules n.q. $2.10
Cochin $6.28 $4.96 $3.42 Cochin n.q. $5.10 $4.20 Cochin $4.90 $4.35 $2.70
Chinese Chinese Chinese
n.q. n.q. n.q. n.q. n.q. n.q. $4.50 $4.50 $2.36 Chinese
sliced sliced sliced
Ginger Chinese Chinese Chinese
$5.25 $4.96 $2.65 n.q. n.q. n.q. $4.78 $4.50 $2.32
peeled whole peeled
Nigerian n.q. n.q. n.q. Nigerian $4.00 $4.00 $1.70

Siauw No 2
$34.00 $18.19 $11.57 Siauw whole $33.00 $18.00 $15.50 PNG Whole $24.65 $17.50 $11.45
Mace siftings
Indonesian $29.50
No 1 Yellow Canada
$1.43 $1.43 $1.50 $1.33 $0.96 $1.20
Canadian Yellow
Mustard Brown
$1.37 $1.37 $1.43 Australian Indian n.q.
oriental
India n.q. n.q. n.q.
Indonesian
W.I. ABCDs $13.67 $12.46 $10.14 Indo 110's $20.00 $14.00 $9.95 $15.65 n.q. $10.05
SS
Nutmeg E.I. cracked $14.88 $12.02 $9.37 WI 110's n.q. n.q. n.q.
ABCD $16.00 $12.50 $10.65
Egypt pow n.q. n.q. n.q. Powder $1.99 $1.99 $1.99
Onion
India pow $2.43 $2.20 $2.40 Flakes n.q. n.q. n.q.
Spanish 120
$4.63 $4.63 $4.63
ASTA
Paprika
Spanish Spanish 80
n.q. n.q. n.q. $2.70 $2.70 $2.70
visual ASTA

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 All prices are quoted in US$/Kg
USA JAPAN EUROPE KUWAIT
PRODUCT GRADE PRICE GRADE PRICE GRADE PRICE GRADE PRICE
This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year This 3 Month 1 Year
Week ago Ago Week ago Ago Week ago Ago Week ago Ago
Hungarian
Hungarian $6.61 $6.61 $6.60 n.q. n.q. n.q.
100 ASTA
Peru HT90
120 ASTA n.q. n.q. n.q. n.q. n.q. n.q.
ASTA
Mexican $4.28 $3.79 $3.09 Mexican $4.00 $3.80 $3.20 Mexican $3.40 $3.60 $2.80
Pimento Guatemala $4.28 $3.79 $3.20 Guatemala $3.78 $3.59 $2.90
Jamaica $4.28 $3.97 $3.97 Jamaica n.q. n.q. n.q. Jamaica $3.83 $3.61 $3.60
Dutch $1.76 $1.59 $1.74 Dutch n.q. $1.26 $1.60
Poppy
Australian $1.92 $1.65 $1.98 Turkey n.q. $1.64 n.q.
Indian
$1.83 $1.59 $1.90
Natural
Central
Sesame
American n.q. n.q. n.q.
hulled
Indian
$2.18 $1.87 $2.14 Indian Hulled n.q. n.q. $2.05 Indian Hulled n.q.
hulled
Al’pey 5.25 Madras Madras
$5.07 $4.96 $2.65 $4.20 $4.20 $3.10 n.q. n.q. n.q.
curcumin fingers fingers
Turmeric Al’pey 5.0 Alleppey
n.q. n.q. n.q. n.q. n.q. n.q. Powder n.q. n.q. $2.10
curcumin fingers
Indian Indian n.q. n.q. n.q. Madras
n.q. $4.08 n.q. n.q.
ground Rajapuri powder
!
Vanilla Bourbon $28.00 $28.00 $28.00 Bourbon $25-30 $25-30 $25-30
Non-bourbon $20-25 $20-25 $20-25
1
Vanilla – the prices given here are indicative of the value of bulk sales at origin. Selling prices within Europe are substantially higher as they reflect much smaller quantities that may be specially packaged.

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Spices
Monthly average prices in the domestic markets are reported by the Spice Board of the Government
of India up to August 2010

USD/kg
Change Aug-10 Jul-10 Jun-10 Aug-09
Black Pepper  4.25 4.12 3.50 3.00
Cardamom – Small  29.07 32.07 32.47 14.87
Cassia  2.18 1.97 1.85 1.48
Chili  0.97 0.96 1.10 1.12
Cloves  7.10 7.14 6.65 6.41
Coriander  0.67 0.67 0.61 0.96
Cumin  2.79 2.63 2.30 2.17
Fennel  2.60 2.56 2.49 1.94
Fenugreek  0.65 0.65 0.62 0.63
Garlic  1.68 1.17 1.14 0.88
Ginger  4.51 4.48 4.34 2.58
Turmeric  4.13 4.18 4.27 2.12

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Spices
 Prices in the market place
Herbs
All prices are quoted in US $/Kg
USA EUROPE
PRODUCT GRADE PRICE GRADE PRICE
This 3 Month1Year This 3 Month1Year
Week Ago Ago Week Ago Ago

Egyptian FAQ $2.43 $2.31 $2.25 Egypt $1.76 $1.62 $2.14

Basil Egyptian Extra Fancy n.q. n.q. n.q. Egypt fines n.q.

Turkish Fancy n.q. n.q. n.q. FAQ n.q. n.q. $4.13

Bay leaves Turkish

Turkish semi select $3.85 $3.75 $3.75 $3.00 $3.30 $6.05
semi-select

Chervil German n.a n.a $10.60

Egyptian $3.20 $3.20 $3.20 German n.a n.a $2.65
Dill weed Californian $9.05 $12.02 $12.02

Spot $2.88 $2.98 $3.00 Egypt ASTA $2.22 $2.22 $4.21

Marjoram

Peppermint $5.07 $5.07 $5.07

Mint Spearmint $4.96 $4.96 $4.96 Egyptian n.q. n.q. $4.75

Turkish 30# Ex Fancy $3.42 $3.25 $2.98 Turkish $2.20 $1.91 $3.95

Oregano Turkish FAQ $2.40 $2.40 $2.31

Turkish 30# Fancy $3.06 $3.00 $2.75

European
Israeli $6.83 $6.83 $6.83 n.a. n.a. $6.49
2mm
Parsley

Morocco $1.65 $1.65 $1.65 Spanish $1.65 $1.56 $2.51

Rosemary
Spanish n.q. n.q. n.q.
Spanish $3,285 $3,970 $5,500 Iranian n.q. n.q. n.q.
Saffron

Albanian $4.30 $4.30 $3.95 Turkish n.a. n.a. $5.61

Sage

Albanian $3.09 $3.30 $3.30 German n.a. n.a. $5.17

Savoury

Extra fancy French $14.55 $14.55 $14.55 French n.a. n.a. $25.30
Tarragon

Thyme Spanish n.q. n.q. n.q. Spanish n.a. n.a. $4.06

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 All prices are quoted in US $/Kg
USA EUROPE
PRODUCT GRADE PRICE GRADE PRICE
This 3 Month1Year This 3 Month1Year
Week Ago Ago Week Ago Ago
Spanish Extra Fancy $3.97 $3.97 $3.97

Moroccan $2.98 $2.98 $2.98 Moroccan $2.49 $2.52 n.q.

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Appendix
Abbreviations
Indo = Indonesia
# = refers to mesh number
FAQ = Fair Average Quality
HU = Heat Units
ASTA = American Spice Trade Association
WI – West Indies
Del = delivery
Imp = Impurities
ASTA (paprika) = refers to colouring units as determined by ASTA method
sm = small
spec. = specification
ESA = European Spice Association.
USD = United States Dollars
G/l = grams per litre
Ch = Chinese
S.A. = South Africa
MYQ = Mixed Yellow Quality
Br & Cl = Broken and cleaned

Rates of Exchange 26th February 2010

Currency Code Units/1 USD Units/1 EUR

Bahraini Dinar BHD 0.3784 0.5109
British Pound GBP 0.6544 0.8836
Chinese Yuan Renminbi CNY 6.8369 9.2310
Egyptian Pound EGP 5.5238 7.4581
Indian Rupee INR 46.3563 62.5886
Indonesian Rupiah IDR 9,389.7 12,677.6
Japanese Yen JPY 89.2507 120.493
Kuwaiti Dinar KWD 0.29 0.3915
Malaysian Ringgit MYR 3.4073 4.6004
Pakistan Rupee PKR 85.3007 115.1700
Saudi Riyal SAR 3.7556 5.0707
Singapore Dollar SGD 1.411 1.9051
Sri Lanka Rupee LKR 114.683 154.8410
Swiss Franc CHF 1.0841 1.4636
Thai Baht THB 33.1842 44.8042
Utd. Arab Emir. Dirham AED 3.6737 4.9601
Vietnamese Dong VND 19,244 25,983

EURO EUR 0.7408

Daily rates can be found on www.ft.com

Historical rates are available at www.oanda.com/convert/fxhistory

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 HANDBOOK
Ver. 5.3

SHAPE THE FUTUR OF YOUR

SECTOR’S SUCCESS

HOW TO DEVELOP A SECTOR STRATEGY

Street address P: +41 22 730 0111 Postal address

International Trade Centre F: +41 22 733 4439 International Trade Centre
54-56 Rue de Montbrillant E: itcreg@intracen.org Palais des Nations
1202 Geneva, Switzerland www.intracen.org 1211 Geneva 10, Switzerland

The International Trade Centre (ITC) is the joint agency of the World Trade Organization and the United Nations.