India closed 2021 with record exports of cardamom

India closed 2021 with record exports of cardamom

– 85% increase in exports
– Main importers: the UAE and Saudi Arabia

– Sales data confirm that the Indian farmers have been expanding production and processors did that with exports, encouraged both by high prices. India’s 2021 cardamom exports increased by 85% y/y in volume to 11,290 tonnes, a record, valued at $206.6 million, up from 206.8 million. The main importers were the UAE and Saudi Arabia, which accounted for 35% and 12% of the total volume. The 2021-22 crop is expected to grow by 36% to 15,000 tonnes.

Analysis

– The Indian spice industry has been increasing its global supply, re-exporting also production from Bhutan and Nepal encouraged by Guatemala’s booming sales and competing with each other to generate sales for the Ramadan festival campaign in the Middle East. This trend has been leading a volatile scenario between December-January, prices being dependent on the Guatemalan crop.

Source:(IHSmarkit)

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