India: Ginger dips on higher imports from Nigeria
Shortfall in domestic supply and crop failure in Ethiopia helped the ginger market scale above Rs 300 a kg, also leading to a lower conversion into dry ginger. India is among the leading producers and consumers of ginger in both fresh and dried form.
“Without imports, the domestic prices would have gone up further. Failure of Ethiopian crop added to the pressure. Higher imports of fresh ginger to Bangladesh and Pakistan also helped the market firm up,” P Nandakumar, a trade consultant said.
Indian traders are trying to cover from Nigeria due to the lower supply in the domestic market.
According to the data provided by the state-run Spices Board, Indian ginger is quoted at $ 5.29 per kg during the week ending June 20 in the New York market as against $ 3.75 per kg during the same week of last year. Export of ginger in the current fiscal has fallen by 21 % during the April-December period to 10,800 tonne.
Source: financialexpress.com
