This month the trade for dry ginger NUGC quality opened at 2.081, but from July 5, it dropped to 2080, and since yesterday, July 15, the price remained stagnant at 2.080. Thus, despite the hope that it will increase during the weeks, the hope of the traders was dashed.
According to different news sources from various mandis, this fall of ginger price and the weak trend is recorded for all the spice grades. Kochi reported that the best grade ginger was sold for USD 2.41 per kg on Wednesday. During the same season last year, the price crossed USD 4.02 per kg.
The average grade of ginger was between USD 2.01 and USD 2.15 on the same day in Kochi. This grade of ginger was USD 3.35 per kg last year.
Traders believe that this results from the Covid pandemic restriction, the low demand for spice in international and domestic markets, and a significant increase in production.
Stockists of ginger in Kochi say that the ginger market was good in 2020-21 due to the high demand for spice in the overseas market between April and December because of its healing properties. The Spices Board of India data showed India increased its export of ginger by 108 per cent in 2020 21.
Now the excess production, mainly in Aurangabad, Maharashtra, is believed to be the leading cause of the price slump.
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