Geojit reports that on Wednesday, mixed moves were seen at the NCDEX Spices Complex. Due to the weak demand, jeera futures were down.
The NCDEX Spices Complex experienced a range of moves on Wednesday. Due to the weak demand, jeera futures were down. It nevertheless remained close to the most recent record highs. While coriander futures remained range-bound, turmeric futures reduced early gains.
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According to data from the Spices Board India, India‘s spice exports fell 8.3% year over year to 1.4 million tonnes in the fiscal year that ended in March. However, exports increased 4.7% in value to 317.6 billion rupees in 2022–23. While the majority of spices had a decline in exports, coriander, turmeric, and garlic saw an increase.
In 2022–2023, garlic exports increased by 159% year over year to 57,346 tonnes. In 2022–2023, cumin exports decreased 14% year over year to 186,509 tn, whilst turmeric exports increased 11% year over year to 170,085 tn.
- NCDEX Spices Complex experiences mixed moves, weak demand, and jeera futures down.
- 2022-2023 garlic, cumin, and turmeric exports increased, decreased, by 11%.
- Gujarat government predicts a 9.3% annual Jeera production decline.
The data showed that India exported 54,482 tonnes of coriander in 2022–2023—an increase of 12%. Small cardamom exports plummeted 30% year over year to 7,352 tn, while large cardamom exports dipped 5% year over year to 1,884 tn.
According to the report, pepper exports decreased 18% to 17,958 tonnes in 2022–2023 while chili exports dipped 7% year over year to 516,185 tonnes.
Jeera production is anticipated to decrease by 9.3% every year to 200,780 tn, according to the third advance projection issued by the Gujarat government.
Second-largest in terms of production in Gujarat. According to Gujarat’s third advance projections, coriander production is anticipated to increase 81% year over year to 376,090 tn.
