Cardamom Prices Surge in Nepal Amid Ramadan Demand

04-Jan-2025 10:58 AM

Cardamom Prices Surge in Nepal Amid Ramadan Demand
Prices of large cardamom have surged due to increased demand ahead of Ramadan and reduced production in Bhutan, India, and other producing countries.
In 2014, large cardamom prices in Nepal reached NPR 2,700/kg but dropped to NPR 850 in 2018, a 68% decline.
Prices hit a record NPR 3,000/kg in 2016 before falling again to NPR 700/kg by July 2022.
Prices are now expected to surpass the NPR 3,000/kg mark in the coming days.
Farmers and traders have reportedly withheld nearly 60% of their cardamom stock in anticipation of further price increases.
India accounts for 99% of Nepal's cardamom exports, with the remainder going to Pakistan and the Middle East.
Nepal produced over 10,000 tons of large cardamom in 2022-23, up from 9,545 tons in 2019-20, though a 25% production decline is expected over the past two years.
Rising prices in Nepal may increase import costs for India, further supporting global prices.