Indian spices plummeted domestically and skyrocketed abroad

Affected by the new coronavirus epidemic, prices of some major spices in India have plummeted in recent months.

China is the main buyer of Indian spices, but due to port transportation problems and reduced consumer spending during the epidemic, the desire to buy has declined; while India has implemented a comprehensive blockade policy, export demand has declined, and Indian spices prices are further under pressure.

The Indian National Commodities and Derivatives Exchange (NCDEX) has shortened its trading time but is still trading. The prices of turmeric and coriander have fallen by 12% and 13% respectively since early January 2020. Data from commodities data company Mintec shows that from January to March this year, Indian fennel and chili prices fell by 12% and 17%, respectively.

The shortage of some Indian spices will drive up prices in the spices export market. Mintec data shows that the price of Indian fennel shipped to the United States rose 34% month-on-month.