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Below normal monsoon to boost India’s cardamom export share

Date: 15-05-2014
Subject: Below normal monsoon to boost India’s cardamom export share
A less-than-normal monsoon is likely to help the cardamom market firm up in the coming days on fears of a lower yield. India is the second-largest producer of cardamom in the world after Guatemala and the biggest consumer of the spice. Guatemala leads with 60-66% of the world production but has seen production come down in the past few years due to natural disasters like flood.

“Fears of El Nino affecting our monsoon have been seen historically affecting Guatemala too. This could help us get more export share as Guatemala is the main competitor to our product in West Asian markets like Saudi Arabia. Market is likely to get firmer in the days to come,” KK Devassia of Cardamom Growers Association said. Lower production in Guatemala is also likely to prevent imports into India which tend to depress the domestic market, he added.

Average price on Wednesday auctions stood at Rs 830.84 per kg with nearly 29 tonnes being traded. Some summer rains in the producing areas have also raised hopes of an early crop .Cardamom plants are very sensitive to rains with productivity directly related to the volume of rains and the number of raining days. Cardamom needs low temperature, high humidity and incessant drizzles. Heavy rains could damage the crop, while intermittent rains that keep the atmosphere humid augur well. A study by the Agricultural Market Intelligence Centre (AMIC) of Kerala Agricultural University in 2012 had also reported higher acreage for cardamom in the region. Devassia estimates that production could be as high as 20,000 tonne but feels that the additional production can be easily absorbed as consumption of the spices has increased across the world.

Exports from India had declined in the last few years due to the premium on Indian cardamom compared to the Guatemala commodity. Exports for the first three quarters of the fiscal are seen higher by 40 % in volume at 2080 tonne as against 1491 tonne during the same period of last fiscal. Value realization is also seen higher by 23 % at Rs 164. 29 crore. During FY13, exports stood at 2,372 tonne valued at Rs 212.15 crore.

Source : financialexpress.com

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