Qatar's Sauce and Seasoning Prices Drop to $2,710 per Ton

Qatar

In April 2023, the import price of sauces and seasonings in Qatar decreased significantly to $2,710 per ton. This marked a decline of -7.7% compared to the previous month. From April 2022 to April 2023, the prices experienced an average monthly growth rate of +1.6%. The highest rate of growth was observed in May 2022, with a 32% increase month-on-month. However, import prices remained lower from November 2022 to April 2023, after reaching a record high of $3,203 per ton in October 2022. There were notable variations in average prices among the major supplying countries. In April 2023, Belgium had the highest price at $4,838 per ton, while the Philippines had one of the lowest prices at $1,912 per ton. Malaysia achieved the most significant growth in prices, with a rate of +5.6%, compared to other major suppliers who experienced more modest growth rates. In terms of imports, Qatar saw a remarkable decrease in the amount of sauces and seasonings imported in April 2023. The total import volume contracted by -30%, reaching 1.1K tons compared to the previous month. The most rapid pace of growth in imports occurred in June 2022, with a 34% increase month-on-month. In value terms, sauce and seasoning imports decreased significantly to $3M in April 2023. Oman emerged as the largest supplier to Qatar in April 2023, constituting 41% of total imports with 458 tons. The United States followed with 218 tons, and the Philippines ranked third with 137 tons, accounting for a 12% share of total imports. From April 2022 to April 2023, Oman had an average monthly growth rate of -1.8% in volume terms, while the United States and the Philippines recorded rates of -1.7% and -1.2% per month, respectively. In value terms, Oman, the United States, and the Philippines were the top sauce and seasoning suppliers to Qatar, with a combined 69% share of total imports. Belgium experienced the highest growth rate of the value of imports, with a CAGR of +3.5% over the period under review, while the trends for other leading suppliers varied.

Source: IndexBox Market Intelligence Platform

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