Upcoming Days Of Nutmeg Will Be Good For Business, As The Monsoon Has Arrived
Monsoon started with a delay; Arrival of nutmeg will be delayed
In South Indian regions, the monsoon started one week later than its usual time, but there is no news of nutmeg arrival. As per the business sources, there has not been any significant increase in the arrival of nutmeg in the Kerala and Karnataka markets. Traders are having a strong hope that the arrival will increase in the upcoming times. Vishnu Gupta, a trader based in Konchi Mandi, said that this year's monsoon season has started in the state after a delay of about a week. It is to be known that instead of the normal date of 1st June, this time 6 days have passed since the arrival of monsoon in Kerala.Sluggish business activities till now
Along with Karnataka and Tamil Nadu, Kerala is one of the major nutmeg-producing states in India.ÂVishwanath Agarwal, another trader based in Kochi Mandi, said that the state has been receiving good rainfall almost daily and the rains have undoubtedly made the weather pleasant as it was a sticky summer earlier but it has resulted in sluggish business activities in the region.
New crops seem weak and production might reduce
This time, the arrival of the new crop of nutmeg seems comparatively weak in the state. Vishnu Gupta also mentioned that if believe some information, then this time the production of nutmeg in the country may decrease by about 25% as compared to last season. This anticipated shortfall in production may have a bearing on the likely slowdown in nutmeg as a result of increased arrivals in the coming days. This is the reason why there is no possibility of growth in nutmeg in the near future.Prices of nutmeg have decreased recently
If the arrival of nutmeg will rise, there may be some burden on its commercial prices. On the other hand, if production will be reduced, the chances of a long recession are also not visible at the moment. Well, Nutmeg prices remained unchanged at their earlier level and played around $ 7.07 – 7.13 per kg due to sluggish trading activity at the local markets. However, Nutmeg without peel has recently decreased by 12 Cents per kg in Kochi.ÂExports of Nutmeg
Spices Board (Ministry of Commerce and Industry, Government of India) provided data on exports in the financial year 2022-23. As per data, 3,446 Tonnes of nutmeg mace was exported. The export value was worth $ 269.98 Million. Previous year 3,596 Tonnes of nutmeg mace were exported and an income of $ 265.10 Million was earned from it. It indicates that this time there has been a decrease of 4% in the quantitative export of nutmeg mace. While there has been a marginal improvement of 2% in income.The above discussion leads us to the point that there was sluggish business in the markets, and as the monsoon has arrived there is a strong expectation of an increase in the arrival of nutmeg in the region in the coming time which increases the expectations of good business in upcoming time. At this point, we will ignore the information which tells us that there are chances of decreased production because this information is not official.Â