SPICES MARKET NEWS

Exports Record growth for Indian spices in 2016-17

Indian spices and spice products has achieved a record export growth of US$2633.30 million & volume of 9,47,790 tonnes in 2016-17.

Indian spices and spice products surged to a record export growth worth US$2633.30 million and a volume of  9,47,790 tonnes in 2016-17, sustaining their robust demand in international markets in the face of stiff competition. The buoyancy in exports of spices and related products, both in terms of value and volume, compares favorably with figures of 8,43,255 tonnes valued at US$2482.83 million in 2015-16,thereby registering an increase of 12% in volume, 9% in Rupee terms and 6% in dollar terms, a Spices Board release said here today.

Chilli continued to be the most demanded spice in the 2016-17 financial year with exports of 4,00,250 tonnes amounting to US$792.31 million, registering an increase of 15% in volume and 27% in value. Cumin was the second-most exported spice, recording an increase of 22 % in volume and  28% in value. A total volume of 1,19,000 tonnes of cumin valued at US$306.75 million was exported from India in 2016-17. The increase was largely due to mandatory checks on cumin and its byproducts implemented by the Spices Board in the backdrop of rapid alerts from importing countries. “India has surpassed all previous export records and has fulfilled the increasing international demand for its quality spices in the face of tough competition in global markets.” “More satisfying was the fact that the appreciable increase in exports came in the face of strict food safety regulations that now define and determine the international commodity trade,” said Spices Board Chairman Dr A Jayathilak.

Increased global demand for turmeric, especially in the pharmaceutical sector, drove its exports to attain figures of 1,16,500 tonnes in volume and crossed US$193.91 million in value terms in 2016-17. The spice which showed the maximum increase as compared to the previous financial year was fennel, registering a 129% increase in volume and 79% in value. Garlic exports contributed substantially to the overall growth during the year, notching figures of 92% in value terms and 39% in quantity. The export demand of nutmeg and mace was also on the higher side, registering an increase of 25% to 5,070 tonnes, as compared to 4,050 tonnes during 2015-16. Export of celery rose from 5,310 tonnes valued at US$8.325 million in 2015-16 to 6,250 tonnes worth US$9.76 million in 2016-17.

Mr. Jayathilak said efforts of the Spices Board to promote the production of large cardamom, especially in the country’s North Eastern region which is the organic area by default, led to a rise in its exports by 30 per cent in volume and nine per cent in value. A shift in dietary preferences from conventional spices to processed and value-added spices was evident in the spice export statistics, which exhibited an increase both in volume and value as compared to 2015-16, contributing substantially to the spices export basket in 2016-17. (Source: Spices Board of India)

 According to the views of experts and traders stating that all commodities prices are at lower level in their last 12 to 18 months. People are expecting that prices will goes higher from this level. Now slowly in all market yards (mandi) arrivals are coming down.

For Chilli and turmeric, there is less demand also and also not much demand, there is less presser for selling. Who has bought the cargo in initial of the season, they would like to sale the cargo on the market movements. The Rain has started from south of India i.e. Kerala State, monsoon has started now. The rain is good so there will be chances of good sowing this year.

For Cumin seeds, good quality of cumin there are chances that prices may go up in coming days.

For Coriander Seeds, since last 15 days market is very low level in since last two years. There is a good chance during off season to get better prices i.e. in the month of October, November and December. Who will store for next 5 to 6 months there will be good chance for them to have good profit.