Turmeric - Turmeric softens due to more sowing and decreasing exports

17-Jul-2024 07:12 PM

New Delhi. There has been a period of softness in the turmeric market for some time. Market sources say that due to prices being more than two times as compared to last year, turmeric has been sown on 35/40 percent more area this year in the producing states.

At present, rain is required in the producing states. If it does not rain by the next week, then there is a possibility of damage to the sown crop. 

It is noteworthy that while on the one hand the sowing of turmeric has increased at the producing centers, on the other hand the export is decreasing as compared to last year.

According to government data, in April - 2023, the export of turmeric was 19590.9 tonnes. Which has come down to 14109.09 tonnes in April 2024. In May-2023, the export was 19827.9 tonnes, which was 17414.84 tonnes in May 2024.

In the first two months of the current season 2024-25, April-May, 31524 tonnes of turmeric was exported. Whereas in April-May-2023, export was done of 39413 tonnes.

According to the information received, in January-May 2023, the export of turmeric was 85528.23 tonnes. Whereas in January-May-2024, export was done of 72371.43 tonnes.

Not much slowdown

Traders say that more slowdown is not possible in the current prices of turmeric. Although it is true that this year the sowing area of ​​​​turmeric has increased, but the arrival of the new crop will start in Nizamabad in the month of January. Therefore, it is anticipated that the prices of turmeric will definitely rise once before the new crop arrives.