Even as a rise in arrivals and muted demand put pressure on prices, short covering caused turmeric prices to rise by 0.65% to settle at 13,336. A considerable increase in production may result from the acreage being estimated to be 30–35% larger than the previous season.
However, reports of crop damage from heavy rains limited the downside and raised the possibility that losses could be higher than previously thought. The growth of crops has been aided by favorable weather conditions, such as dry spells followed by light rains; the Telangana and Vidarbha regions received 18 and 20 mm of rain, respectively.
Increased planting in areas like Erode, Maharashtra, Telangana, and Andhra Pradesh may increase supply, but unfavorable weather conditions could negate these benefits and drive up prices in the months to come. In comparison to 2023, export dynamics show a 6.46% decrease in turmeric exports from April to August 2024, amounting to 77,584.70 tonnes.
This notwithstanding, August 2024 exports increased by 5.72% month over month to 15,974.87 tonnes, representing a 41.09% year-over-year increase. Between April and August, imports increased by 340.21% year over year to 14,073.83 tonnes. In August 2024, imports showed a 60.80% year-over-year increase, but they also fell 40.73% from July to August.
