Jeera or cumin is a seed spice well known for its medicinal properties in India and many other Asian countries. A native of the land of Mediterranean, Jeera is now grown mainly in India, Egypt, Syria, Turkey, China and parts of America. A speed spice, Jeera is grown mainly in hot climatic conditions.
Global Output
Global output of cumin seed is estimated to be less than 300,000 ton per year with bulk of the output concentrated in Asian countries.
Global Demand
Global demand as per export of Jeera is estimated to be around 30,000 to per year. Main exporters of Jeera are India, Syria, Turkey Iran etc.
Indian Output
India is the largest producer and consumer of Jeera in the world. Indian output is currently estimated to be around 200,000 ton per year. Gujarat and Rajasthan are the major production centres of the spice in the country. West Bengal, Uttar Pradesh, Andhra Pradesh and Punjab also make significant contribution to Indian output.
Price Formation
Since India is the largest producer and consumer, the price formation of Jeera is mainly determined by domestic factors. However, seasonal nature of the crop and fluctuations in global demand and supply also influences the price in the country. Jeera is also now a major commodity traded in the futures exchanges of the country.
Crop Season & Physical Markets
In India, Jeera is sown in October-November and harvested in February. Fresh crop generally reaches the market during March. Unjha in Gujarat is the main trading centre for Jeera in the country. Delhi, Jaipur and Rajkot are also known as major terminal markets for Jeera.
Export
India exports Jeera mainly to the US, UK, Japan, Brazil, Bangladesh, Singapore and many other countries. The Indian exports came to a low of just 8,000 ton in 2003-04, but exports picked up in the following year to 13,750 ton. In the current fiscal, Jeera exports may reach a record level of 20,000 ton. India also exports cumin powder and oleoresin extracted from cumin seeds.
India\'s Forex reserves fell to $311.79 billion, down by $691 million for the week ended June 27 as against $ 312.481 billion in the last week, RBI said in its weekly report.
Forex dealers said the rupee drew support from a firm trend in local equity market but was still under pressure due to fresh surge in crude oil prices.
Indian rupee opened trading in a positive note Friday as investors covered their short positions but with oil holding above $145 a barrel and shaky stock markets raising prospects for more capital outflows, gains may be limited.
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