In the vibrant fields of Gujarat and Rajasthan, a promising resurgence in cumin exports is on the horizon. The recent price slump has sparked enthusiasm among foreign buyers, making Indian cumin a tempting choice. This article delves into the trends of the cumin market, from its recent challenges to the anticipated export boom in the upcoming season.
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Rising from Challenges
2023 witnessed a tumultuous period for cumin exports as domestic prices soared. However, the outlook 2024 is optimistic, with increased sowing areas in Gujarat and Rajasthan and a significant drop in international cumin prices. This shift positions Indian cumin as a competitive player in the global market.
Trade analysts predict a substantial surge in cumin exports, reaching around 14-15 thousand tonnes in February 2024. With new crops entering the market in March, the momentum is expected to escalate. The festive period and attractive cumin prices are anticipated to drive demand, with critics noting the traditional spike in imports during the festival of Ramadan.
Global Market Movements and Predictions
Experts forecast a potential drop in global cumin prices from March to June 2024. This dip is attributed to the influx of new crops in India, which is expected to gain momentum from March onwards. The global market’s response during this period will play a pivotal role in shaping the future of cumin exports.
Historically, India averages an annual cumin export of approximately 0.2 million tonnes. However, in 2022-23, a decline of 30-10 percent was observed, with only 1,76,011 tonnes exported. The Commerce Ministry’s data highlights the impact of reduced competitiveness in the global market.
Conclusion
In conclusion, the cumin market is poised for a resurgence in 2024. Despite challenges in 2023, the anticipation of increased production and lower prices bodes well for Indian cumin exports. Trade analysts foresee a substantial export surge driven by heightened demand and favorable pricing. As the global market trends evolve, India’s competitive position in the cumin trade promises growth and opportunity.
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