Due mostly to an increase in supply signaling the end of the harvesting season, turmeric prices saw a notable fall of -6% yesterday, closing at 18648. However, the bad news was that farmers chose to hoard supplies in expectation of additional price increases, so the damage was minimal. In addition, the nation’s ongoing heat wave poses a risk to agricultural yields, exacerbating the shortage and driving up prices.
The majority of the country is predicted to endure more heat wave days than normal in May, according to the India Meteorological Department’s forecast of persistently hot weather that shows no signs of abatement. From April through March of 2024, there was a 4.75% decrease in turmeric exports over the same period the previous year, despite supply-side pressures.
March 2024 exports were noticeably higher than February’s, suggesting that demand patterns were not constant. Turmeric imports decreased by 12.71% from April to March of 2024, corresponding with a decrease in imports overall.
Comparing March 2024 to the same month of the previous year, imports did, nevertheless, slightly increase. Turmeric production for 2023–2024 is expected to be lower than for the previous year, according to the Ministry of Agriculture and Farmers’ Welfare’s assessment, which will affect supply and demand characteristics.
