With a significant portion of the coriander crop still sitting in farmers’ homes, a recession will likely occur in May and June. While there has been an increase in export demand for coriander, the oversupply within the Indian market is currently driving prices down.
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Enough supply, less demand
India’s coriander crop is large enough that prices are expected to remain low throughout the year. While export demand remains steady, domestic demand for coriander is sluggish. Gujarat, in particular, has seen around 45-50 containers of coriander being traded daily, accounting for a daily export of roughly 1000 tonnes. Despite 4.2 to 4.5 million bags of coriander having already arrived in Gujarat, only 50% of the state’s coriander factories are operational. This has resulted in roughly two million loads of coriander sitting in stock, possibly contributing to a further price drop.
Estimates
A significant price jump is unlikely, with large quantities of coriander still unsold. However, prices could improve slightly if the monsoon proves weak this year. Deteriorated quality due to heavy rainfall in Rajasthan and Madhya Pradesh may lead to lower prices, despite readily available chemical solutions. Thus, to con the continuing low price of coriander is likely to attract stockists despite the risk of further price drops.
Import/Export Statistics
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