"It is reported that crop in Guatemala has failed in volume and quality. The macro situation augurs well for exports and India could regain lost markets," KK Devassia of Cardamom Growers Association told FE.
Exports from India had declined due to the premium on Indian cardamom as compared to the Guatemala commodity. According to the figures of the Spices Board, Indian exports came down to 500 tonne in 2007-08 as against 650 tonne in 2006-07. India lost traditional markets like Kuwait, Japan and Oman to Guatemala while retaining Saudi Arabia.
In the current fiscal (April-September), favourable macro situation has enabled India to increase cardamom exports by 10% in volume and 74% in value, when compared with performance of the same period of last fiscal. The target fixed by the Spices Board for the current fiscal is 550 tonne valued around Rs 25 crore.
Meanwhile, the average auction prices have shown a declining trend with some late harvest in the crop bringing in increased volumes to the auctions.