INDIA
No clear view yet on roadmap, benefits of proposed National Turmeric Board
While some industry insiders say the board could deliver on its aims to promote new product developments and value additions and create awareness of the benefits of turmeric in global markets, others are sceptical, calling it a political gimmick.
BUSINESS
Cashew nut prices not going up despite higher Diwali demand
Surplus availability of the nut is the prime reason. Increased production of cashews and almonds in the world, removal of additional tariffs on walnuts and almonds imported from the US and processors shifting from exports to domestic sales are the reasons.
BUSINESS
Indian seafood industry worried as US takes aim at shrimp import from India
Curtailed access to the biggest market for Indian shrimp would add to the woes of a sector that is already facing depressed demand and prices globally
BUSINESS
Of cocoa and cocoa nuts: Ivory Coast eyeing the Indian market to boost earnings from its prized export
At present, the African nation sells cocoa to the large chocolate companies of Europe and the US through middlemen, which deprives its farmers of fair earnings. The country is now looking to sell cocoa and products made from it directly to India.
BUSINESS
International Cocoa Organisation sees major potential in Indian market
As cocoa consumption reaches a saturation point in the west, India is seeing a rising consumption of the commodity, not in the chocolate industry, but in the rising use of cocoa in dairy products and biscuits.
BUSINESS
Rubber prices may drop further on rising imports and poor demand in peak season
Big consumers of rubber, like the tyre industry, are relying on cheaper imports from the Ivory Coast, impacting margins of domestic growers. Traders say that even domestically, industry is looking to the North-East for cheaper varieties rather than to Kerala, the highest producer.
BUSINESS
India’s sugar exports may fall by half on output decline in 2023-24
Although the sugar export policy for 2023-24 will be announced only by January, traders and the industry already expect a further drop in outbound shipments.
BUSINESS
Chilli prices set to rise again on festive demand and scanty rainfall, despite improved sowing
Traders have not been selling the chilli stock at lower rates and are hoping that domestic demand will shore up the prices a little and that exports to China will improve this year.
BUSINESS
Shrimp production set to fall 15-20% in FY24
Flattening global demand has hit exports and lowered the prices of shrimp, forcing farmers to cut output. However, the Coastal Aquaculture Amendment Bill might help by removing constraints, allowing the farmers to improve profitability.
COMMODITIES
Cotton industry seeks subsidies, import duty cut to revive fortunes of mills
Higher import duties have increased the prices of cotton, raising production costs for the textile industry and rendering them less competitive in the global market.
BUSINESS
Fertiliser sales may increase by November during rabi sowing season
Sales were weak in the kharif crop season because of uneven distribution of monsoon rainfall.
BUSINESS
Weak demand and tepid exports put tea prices under pressure
Although production in the country has remained steady, and has even seen a gradual increase, changing consumer preferences locally and the poor demand globally has hit prices and exports
AGRICULTURE
Scanty rainfall hits cardamom production, prices set to spiral to record levels
As prices of cardamom rise, India is in danger of losing its export markets to the cheaper Guatemalan cardamom. Even the upcoming festive season may not help its cause as higher prices may impact the price-sensitive domestic market as well.
BUSINESS
Black pepper prices spike, likely to rise further
As demand outstrips supply and imports become expensive, black pepper prices have risen, prompting growers to resort to hoarding in anticipation of bigger profits. That in turn is increasing prices even more.
INDIA
Natural rubber imports may hit a new peak this fiscal as consumption likely to jump 10%
Demand may cross 14,00,000 tonne in the current fiscal, pushing up imports to over 600,000 tonne, from 530,000 tonne in 2022-23.
BUSINESS
Soaring turmeric, ginger prices hit domestic supplies and exports
While erratic weather patterns have affected turmeric supplies and prices, making sowing for the next season iffy, ginger has been impacted by hoarding by traders. The expectation of a bumper crop next year has set off fears of an oversupply of ginger and a crash in prices.
BUSINESS
Rising cocoa prices might make Indian chocolates dearer
A sustained rise in the prices of cocoa and cocoa products, might force Indian chocolate makers to increase prices, although they have resisted it so far.
COMMODITIES
Gold and diamond jewellery lose sheen over rising prices; global downturn hits exports
While prices may not come down drastically, it is expected that there will be stability later in the year. The festive season is expected to push up local demand, while the export market is expected to pick up later this year.
INDIA
Spurt in cumin prices likely to stay, squeezing supplies, output and exports
Experts expect coriander sowing will be less, and farmers may sow cumin in more area because of high price this year; cumin imports may become necessary to meet shortfall, says an exporter
BUSINESS
Coffee exports hit; slide likely to continue
Poor global demand and rising prices of beans have hit robusta exports even as the threat of El Nino looms large, recovery likely only next year.
COMMODITIES
Seafood industry stares at slump as global market for shrimp shrinks
The Indian seafood industry faces lower production and no prospects of a recovery in the near term
BUSINESS
India’s coconut product export growth slows to 9.8% in FY23 on Ukraine war, uncompetitive rates
Domestic coconut production fell below 20,000 million nuts during the fiscal for the first time in the last decade.
INDIA
Poultry, egg prices rise by 20% on production shortfall, high demand
As the summer gives way to the rainy season, poultry consumption increases and prices aren’t expected to decline much.
BUSINESS
Subdued Q1 growth in most segments worries tyre sector
Sales of passenger car tyres have been the only silver lining. The tyre sector is also worried about the impact of the withdrawal of anti-dumping duty on tyres from China. The levy was introduced a couple of years ago but was removed last December.
