High Export Demand Of Cumin To Make Spice Expensive

New Delhi, Nov 15 (KNN) It is likely that the prices of cumin will increase in the coming months due to higher export demand, reported moneycontrol. 

Cumin prices had shot up by 100-200 percent to Rs 500-700 per kg in June- October 2023.

Two key producers of the spice, Gujarat and Rajasthan are progressing for the sowing in new season.

Export demand had slackened in the last few months as cumin prices surged. India is the largest producer of cumin, which is also the second-largest single spice, after chilli, to be exported from the country.

Cumin prices had shot up by 100-200 percent to Rs 500-700 per kg in June- October 2023, from a year ago on the back of a shortfall in crop, particularly in Gujarat, worsened by the untimely rains at the time of harvest in March-April.

Runaway increase in prices hit export volumes hard. Spices Board data show that export quantity slumped 24 percent to 69,779 tonnes in April-August 2023 from the same period the previous year.

However, the high prices ensured that the plunge did not hit the earnings of the exporters, which saw a 26 per cent rise at Rs 2,426 crore. In FY23, cumin export touched 1,86,508 tonnes, worth Rs 4,194 crore.

Cumin prices have dropped from the all-time-high levels to around Rs 450 per kg now, with the sowing for the new crop progressing in Gujarat and Rajasthan. Though the price is still much higher than last year, export demand has rebounded.

(KNN Bureau)