An Increase in Production Led to Cut-Rate Prices of Turmeric

The arrival of turmeric is more in domestic shops as the yield in the country has also been bumper. Because of this, a significant decline is seen in the price of turmeric compared to last year.

Higher yield

Last year turmeric was being sold at $0,97-1,03 per kg. On the other hand, in the current season this year, the turmeric business is between $0,73-0,78. Higher yield is also considered responsible for the fall in prices this time. Due to the pandemic, there was a spurt in the price of turmeric. The use of turmeric due to corona peaked, and it helped in increasing the cost. Compared to last year, turmeric’s price is less than $0,24 per kg.

According to government data, there is an estimate of an increase in the production of turmeric this year. The data from the Ministry of Agriculture shows that compared to last year, there can be an increase of 10% in the yield of turmeric this year.

Future Scenario

According to an estimate, this year, the total production of turmeric in the country is expected to reach 1.33 million tonnes. Last year turmeric production was only 1.1 million tonnes. Due to low production last year, turmeric prices rose, whereas the matter is going in reverse this time.

Thus, market veterans opine that turmeric will remain range bound as the supply is more and demand is comparatively low.

The Turmeric finger Salem double polished grade A  prices were Recorded at $0,99 per kg FOB.

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