BUSINESS
Why chilli peppers are red hot despite a rise in output
Spices Board estimates production to be 7 percent higher but sustained domestic and international demand and low inventory have kept prices high
INDIA
Indian buffalo meat exports likely to be hit by demand slowdown
Malaysia was the top buyer of Indian buffalo meat at 192,779 tonnes followed by Vietnam at 171,949 tonnes in 2022-23. Vietnam is the transit point for buffalo meat purchases for other countries.
COMMODITIES
Storm brewing in the tea industry
A fall in prices, exports tailing off, a drop in production and rising wages are challenges facing the Indian tea sector
BUSINESS
Amid market glut, export slump, cashewnut prices crash
Recessionary trends and rising inflation take a toll on consumption in the US and European Union. Illegal imports of cashew kernels also take their toll on local prices.
BUSINESS
Spice Rout: Weak demand, surplus stock, cheaper imports hurt Indian cardamom farmers
Cardamom prices are hovering around Rs 1,000 per kg on average, which the growers say is insufficient as the cost of production has grown manifold.
INDIA
Fish meal exports boom on sardine rush to Indian coasts amid global shortage
As fish meal exports increased, the domestic shrimp feed units had to shell out more to buy the raw material, which pushed up their cost of production.
BUSINESS
After initial worry, cotton production expected to rise; market arrivals pick up
In its revised estimate, the Cotton Corporation of India has projected that production will touch 337 lakh bales, better than the previous year’s level, but still below the 352 lakh bales of 2020-21.
BUSINESS
Garlic emerges as the leader in India’s spice export basket
Rising demand, and high prices and diminished presence of Chinese variety in global markets one reason. At 47,329 tonnes in April to January 2022-23, garlic export has surpassed the peak of 46,980 tonnes in 2017-18.
BUSINESS
India’s rubber production exceeds 800,000 tonnes for the first time in a decade, helped by output from NE states
Although consumption growth has tapered down from 13 percent in 2021-22, it is still moving at a faster pace than production, especially after the Covid-19 threats waned.
INDIA
Fall in robusta production may see coffee exports declining
In the current circumstances, India could lose its main market, Italy, which is getting cheaper robusta coffee from Uganda. The West Asian markets, which have been buying more coffee in recent times, have turned to Brazil and Columbia for cheaper arabica coffee, says exporters.
BUSINESS
Volume flat, but Akshaya Tritiya jewellery sales exceed last year’s figures
The rise in rates drove the increase in sales figures. Gold prices will continue to rise as the outlook is positive, say analysts.
BUSINESS
Sugar prices increase on production drop; mills divert sugarcane for ethanol
With sugar prices ruling below the cost of production of the mills, the diversion of sugarcane products for ethanol production helps sugar mills to maintain a steady income.
BUSINESS
Kerala jewelers cash in on demand for lightweight ornaments as gold price soars
Unlike traditional gold ornaments, these do not last a lifetime, but customers do not mind because they cost only a fraction of the amount used to buy other jewellery.
INDIA
Industry players hope Coastal Aquaculture Authority (Amendment) Bill will allow them to cast their net wider
Changes in regulations are necessary to sustain the sector and to help India reclaim the position of being the world’s top shrimp exporter, they say
COMMODITIES
Small jewellers fret over new Hallmark ID number on gold ornaments even after winning a three-month reprieve
The new hallmarking ensures quality of gold used in jewellery and helps in traceability as the ID number is is unique for each piece. It can be used to trace the manufacturer, assayer and the retailer who sold it.
BUSINESS
Bishop’s statement on rubber prices sets rubber planters’ expectations soaring
Many rubber growers feel the bishop’s statement of Rs 300 per kg is not an exaggeration, and that the issue has been politicised without understanding the plight of the rubber farmers in Kerala, who have been battling rising cost of inputs like manure, pesticides and rain guards, besides soaring labour cost.
INDIA
Kerala launches major effort to attract global IT companies, embarks on a big rebranding exercise
The idea is to link the entire state from the south to north with IT corridors. The state plans to bring in a mix of both small and big companies to the parks and 5G-enabled IT corridors.
TRENDS
Destination wedding on your mind? Kerala is the new hotspot
The Kerala Tourism Department has decided to mount digital and airport-based marketing campaigns to promote the state as an ideal wedding destination.
INDIA
A new programme allows Kerala’s elderly to check out with dignity
Vayogen, a unique programme, allows people to pre-secure their final days, by extending total care for 700 days in the last stages of life. Besides rent, food, laundry and medical care, it includes free assistance for will creation, property and funeral management.
ENVIRONMENT
Smoke from Kochi dumping ground fire hangs over the city, suffocating residents
The incident has invited the wrath of the Kerala State Pollution Control Board, which has fined Kochi Corporation Rs 1.8 crore for failing to take measures to prevent and control the fire.
BUSINESS
Joyalukkas IPO deferred due to poor market conditions, ‘several small factors’; says MD
The change in plan was due to poor market conditions, shifting of offices, and better performance of the company in 2022.
BUSINESS
Asian, European buyers step in to purchase Indian seafood; compensate for decline in shipments to US
Southeast Asian economies Thailand and Vietnam used to dominate shrimp supply several years ago until the widespread outbreak of diseases caused their output to dwindle. Vietnam now buys a huge quantity of seafood from India, mostly for re-export to Europe and other countries.
INDIA
After setbacks in the US market, India’s seafood industry mulls alternative strategies to boost exports
Oversupply and high inflation have curtailed the buying power of US consumers. Besides, Ecuador, which has become the largest aquaculture shrimp producer, has emerged as a serious threat to India in the US market.
BUSINESS
Lab-grown diamond industry has a three-star formation in Surat
Greenlab Diamonds , Limelight Lab Grown Diamonds and Cupid Diamonds are the three major companies powering India to excel in the international LGD market. Greenlab was in the news last year for making the largest LGD of 27.27 carat, labelled Om.
