In the latest report by Geojit, it has been observed that most spices on NCDEX experienced an upward trend on Thursday, with the exception of turmeric. Jeera and coriander futures witnessed gains due to strong demand, while turmeric futures faced a decline of over three percent due to tepid demand.
Positive Growth in Spices Exports Despite Decline in Volume
According to data released by the Spices Board India, India’s spice exports for the fiscal year ending in March declined by 8.3% in volume, amounting to 1.4 million tons. However, in terms of value, exports rose by 4.7% to reach 317.6 billion rupees in 2022-23. Notably, turmeric, garlic, and coriander were among the spices that experienced growth in exports. Garlic exports witnessed a significant increase of 159% to reach 57,346 tons in 2022-23. On the other hand, cumin exports declined by 14% to 186,509 tons, while turmeric exports saw an 11% rise to 170,085 tons. Coriander exports recorded an increase of 12%, with 54,482 tons exported in 2022-23. However, small cardamom exports witnessed a decline of 30% to 7,352 tons, and large cardamom exports fell by 5% to 1,884 tons. Additionally, chili exports declined by 7% to 516,185 tons, and pepper exports experienced an 18% decrease to 17,958 tons, according to the available data.
Jeera and Coriander Production Insights from Gujarat Government’s Estimates
The Third Advance Estimates released by the Government of Gujarat reveals an interesting trend in the production of major spices. Cumin production in Gujarat, the second largest producer of the product, is estimated to fall 9.3% year-on-year to 200,780 tonnes. However, according to state government estimates, coriander production is expected to increase by 81% to reach 376,090 tonnes.
Disclaimer
The opinions and investment advice provided by Geojit in their Agri Picks report are solely their own and do not represent the views or opinions of the website or its management. Readers are advised to seek guidance from certified experts before making any investment decisions.
