Corona Virus or Covid19 has been a growing threat in the international business. Since the outbreak of the virus, the cases are constantly on the rise. Exporters and Importers have stopped a large deal of trade due to Governments shutting down their borders, especially the developed countries such as USA, Canada, Australia, and a major portion of Europe.
Prices of Spices during Covid19
Corona virus has shaked the international spices market, especially that of China.
However, one specially good opportunity for all spice traders in India is with Cumin – The prices of Cumin per tonne is almost 2000-2500$ in Gulf at this time right now. Syria and Turkey are among the largest producers of Cumin however, due to recent crisis in Syria and the advent of Corona Virus, those countries have not been able to produce expected quantities. This gives an edge to all the Indian Exporters, suppliers and manufacturers of cumin to capture the global market.
Apart from the Gulf, United States, Europe and China are the main importer of Cumin Seeds – The buyers of Cumin from these countries would be more inclined in purchasing spices from India due to the crisis.
Other than Cumin seeds, the recent prices of all the spices in the Indian markets can be seen on commodities control (Click here)
Cinese Market : Spices
Affect of Corona virus on spice industry has been mammoth – Specially in China, the exports are terribly affected. Sea food and spices have become particularly vulnerable as Beijing, the Capital of China absorbs as much as 10% Billion of revenue these exports bring every year.
Due to the Chinese market out of the game at least for another 3 months, other countries will receive an edge in exporting spices during corona outbreak around the world.
The times have become hard but surely bountiful for countries except China. Spices manufacturers, spices exporters, spices traders and suppliers are served with an opportunity like never before – To get a hold on the international spices market. The spices market has always despite all the troubles and hurdles faced by it.