Millet Price in America Bottoms at $559 per Ton, Losing 13% over 2022
U.S. Millet Export Price per Ton August 2022
In August 2022, the millet price per ton amounted to $559, shrinking by -2.2% against the previous month. Over the period under review, the export price showed a noticeable contraction. The pace of growth appeared the most rapid in May 2022 an increase of 4.6% m-o-m. Over the period under review, the average export prices reached the maximum at $644 per ton in January 2022; however, from February 2022 to August 2022, the export prices remained at a lower figure.
There were significant differences in the average prices for the major foreign markets. In August 2022, the country with the highest price was Japan ($643 per ton), while the average price for exports to Colombia ($380 per ton) was amongst the lowest.
From January 2022 to August 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.
U.S. Millet Exports
Millet exports from the United States shrank dramatically to 3.5K tons in August 2022, falling by -16.8% against July 2022 figures. Over the period under review, exports recorded a abrupt decline. The pace of growth was the most pronounced in April 2022 with an increase of 39% m-o-m. As a result, the exports reached the peak of 7.7K tons. From May 2022 to August 2022, the growth of the exports remained at a somewhat lower figure.
In value terms, millet exports reduced remarkably to $2M (IndexBox estimates) in August 2022. Overall, exports continue to indicate a abrupt descent. The most prominent rate of growth was recorded in April 2022 when exports increased by 34% m-o-m. As a result, the exports attained the peak of $4.4M. From May 2022 to August 2022, the growth of the exports remained at a somewhat lower figure.
U.S. Millet Exports by Country
The Philippines (1.1K tons), Canada (754 tons) and Indonesia (481 tons) were the main destinations of millet exports from the United States, together comprising 66% of total exports.
From January 2022 to August 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +42.3%), while the other leaders experienced more modest paces of growth.
In value terms, the largest markets for millet exported from the United States were the Philippines ($647K), Canada ($375K) and Indonesia ($278K), with a combined 67% share of total exports.
Among the main countries of destination, the Philippines, with a CAGR of +44.4%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.