BusinessHeadlinesMarkets

 India’s cumin, sesame, groundnut oil exports falls due to Coronavirus

After Chinese market is hit outbreak dur to coronavirus. Now commodity exports from Gujarat, especially of cumins, sesame seeds and groundnut oil, could take a 10-15 per cent hit over the next two months or so.
According to traders and exporters, China accounts for 20 per cent to 30 per cent of India’s export of some key commodities are fall down by 10-15 per cent if the current situation prevails.

Chinese markets typically remain closed in January for Chinese Lunar New Year holidays. This year, however, markets are yet to reopen take precautionary measures in view of the outbreak of coronavirus from Wuhan. The Chinese administration choosing to prolong the market closure in a bid to control the outbreak, the export of various commodities from India is also being suffered.

Vijay Joshi, president of the Unjha Commodity Association said “Usually, these holidays last for five days. But this time markets have been closed for almost a fortnight. People are also choosing to stay at home wearing masks. We are in touch with fellow commodity traders in China over video calls, but the situation seems indefinite. Exports could be take a 10-15 per cent hit”. 150,000 tonnes of cumin seeds are exported every year, a third of which (50,000 tonnes) goes to China alone. Typically, 10 containers carrying 2,600 tonnes of produce are exported daily. There has been a standstill on due to the outbreak.

Further Ashwin Nayak, chairman of the Federation of Indian Spice Stakeholders (FISS) says “Similarly, the export of sesame seeds to China, which accounts of 20 per cent of total sesame exports, has also taken a hit. If the current situation prevails, exports to China could fall by 10-15 per cent”.

Nayak adds “India’s total sesame seed exports tend to be around 250,000 tonnes annually. Of this, 20 per cent goes to China. If the situation prevails even for a month or two, this could come down by 10-15 per cent.” Meanwhile, even the prices of cotton in which Gujarat is one of the leading producers, have taken a hit down from Rs 41,000 per candy of 356 kg to Rs 39,000 due to an uncertainty over new export orders.

Related Articles

Back to top button