Spices Exports to Cross $1 billion: V.Kurien

Hello Friends here we come up with the Latest Agri Commodities updates from various parts of the globe and country.

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Spices Exports to Cross $1 billion

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Spices exports to cross $1 billion: Kurien

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Spices exports from India will cross the $1-billion mark in the current financial year, according to VJ Kurien, chairman of the Spices Board.

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Till December, the country had exported spices worth $830 million, despite the economic recession.

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Addressing a press conference here, Kurien said in the first half of the current year, the export sector was in troubled waters due to the economic downturn.

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But, exports of chilli, coriander, mint and value-added spices picked up later, he said.

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At present, the demand from these countries is largely met through European re-sellers and the board plans to attract buyers from these countries to sourcing markets in India.

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Kurien said the Spices Park at Puttady in Idukki district of Kerala would commence operation in the first week of March.

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In Other major Commodities Updates we can read about palm oil prices growing at a weaker pace and about the starting of Wheat e-auction for open mkt sale from February.

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Palm oil prices likely to recover at weaker pace:

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Palm oil prices, which have lost about 8% so far this year, are expected to grow at a weaker pace as rival soyoil eats into the vegetable oil market following a bumper US and South American soybean crop.

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Benchmark crude palm oil futures on the Bursa Malaysia Derivatives Exchange hit an all-time record of 4,486 ringgit in early March 2008 and then tumbled  to a low of 1,331 ringgit in October the same year at the height of the financial crisis.

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It is now trading 44% below record levels.

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Indonesia, the world’s top palm oil producer has projected output in 2010 to reach 23 million tonnes, up from 21 million tonnes last year.

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Malaysia, the world’s No. 2 palm oil producer, may see production increase by 3.4%, to 18.1 million tonnes this year, on the weaker impact of the El Nino weather condition, which usually brings drier weather.

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A free trade agreement between China and the 10-member Association of South East Asian Nations will see China’s import tariffs for palm oil cut to zero and 5% by January 2018 from eight and 9%.

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Wheat e-auction for open market sale to start from February:

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The government has decided to sell its excess wheat stocks through e-auction by the Food Corporation of India (FCI) from February.

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The e-auction intends to cut down prices of wheat offered under the open market sale scheme (OMSS) by reducing transaction cost.

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Note : For More Latest Industry, Stock Market and Economy News and Updates, please Click Here

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