Short supply lifts spices' fortunes
The spice sector never had it so good in recent times. An across-the-board price rise in almost all spices have given a boost to the fortunes of major spice growers in the country.
By S Sanandakumar, TNN |
KOCHI: The spice sector never had it so good in recent times. An across-the-board price rise in almost all spices has given a boost to the fortunes of major spice growers in the country.
Speaking to ET, VJ Kurien, chairman, Spices Board, said: “For almost all items in the spice basket, ’06-07 has been a year of better fortunes.”
According to him, a general improvement in prices for all spices, except one or two, is happening after a long period of time. Short supply and higher demand are the main reasons for the increase in prices.
Prices have improved even in the case of pepper, a crop which had witnessed a prolonged period of depressed sentiments. The monthly average price for black pepper increased by 95% and stood at Rs 124 per kg in September ’06-07. The prices stood at Rs 63.7 per kg in the corresponding period of the previous year.
Small cardamom prices stood at Rs 380.3 per kg in September this year, against Rs 239.7 per kg, revealing an increase of 59%. Prices of large cardamom increased to Rs 147.1 per kg in September from Rs 115.5 per kg during the same month last year.
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Chilli prices made huge gains and touched Rs 71.5 per kg from Rs 15.7 per kg in September last. Coriander prices climbed to Rs 29.4 per kg, up 56% over the past year. Cumin price increased by 26% to touch Rs 83.8 per kg. Fennel prices almost doubled and stood at Rs 107.5 per kg as compared to 55.6 per kg in September last. Fenugreek is the other spice item for which prices almost doubled and touched Rs 27.7 per kg. Prices stood at Rs 15.3 per kg last year. The other items for which prices saw an increase in ’06-07 were garlic, ajwan seed, dill seed, mustard, tamarind, saffron, clove, mace, cinnamon and cassia.
A few commodities like nutmeg and poppy seed showed stagnation in terms of price during the year. A marginal decline in prices was recorded in the case of celery and turmeric. The only product to see a significant decline in price was ginger which fell by 46% to Rs 64.7 per kg.
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