Besides Crude, India Starts to Import Coriander Seeds also from Russia
Coriander seed, also known as ‘Sabut Dhaniya’ is a commodity that is largely traded to and from Russia.
As of now, India was importing crude oil from Russia frequently and in high volumes. Now, India is planning or rather started importing coriander seeds also from Russia, particularly from Moscow due to the onset of war between Russia and Ukraine.
Although the number of coriander seeds imported from Russia to India is not in a huge quantity unlike petroleum or coal, steady growth has been observed in its imports every year.
CORIANDER SEEDS MARKET IN RUSSIA
Coriander seed, also known as ‘Sabut Dhaniya’ is a commodity that is largely traded to and from Russia. According to Russia Export Data for the year 2021, the country exported seeds worth USD 33.15 million to the world which made it the 2nd largest country to do so. The major countries to whom the coriander seeds were exported from Russia were:
- Indonesia (USD 9.41 million)
- Poland (USD 4.49 million)
- Sri Lanka (USD 4.13 million)
- India (USD 4.03 million)
- Nepal (USD 2.15 million)
Between 2020-2021, Russia increased its exporting of coriander seeds to Indonesia, Poland, and Sri Lanka.
Similarly, according to Russia Import Data for 2021, it imported coriander seeds from many countries worth USD 512 thousand making it the 45th largest importer of coriander seeds in the world.
Some of the major import partners of Russia were:
- Austria (USD 202 thousand)
- France (USD 87 thousand)
- Poland (USD 74 thousand)
- The United States (USD 71 thousand)
- Italy (USD 65 thousand)
In the time span of 2020-2021, Russia started importing more coriander seeds from Austria, the United States, and India.
HOW RUSSIA BECAME THE LARGEST EXPORTER OF CORIANDER SEEDS TO INDIA?
As per the official Russia Trade Data and trade data of India, a growth of almost 1313% has been seen in the imports of coriander seeds from Russia to India. It is projected that in the first eight months of the current fiscal year, the imports of coriander seeds would be close to 23,000 tons.
If we talk in value terms, then the imports of coriander seeds from Russia to India went up by 1,272% in the span of just eight months (April-November) and reached USD 18.64 million. In the last fiscal year during the same period, the import was USD 1.36 million. As India’s total coriander seeds imports grew by 250% touching 26,143 tons, the major contribution was of Russia as it contributed 88% of total coriander imports to India.
In the previous two years, the imports of seeds went down and registered a slow growth every year. This happened as the exports from Russia to India fell. This statement is enough to say that Russia has become the biggest coriander seed exporter to India in recent years.
As the imports from Russia grew, the imports of coriander seeds from Italy and Bulgaria declined by almost 84% and 40.1% respectively. Before this decline, both nations were in top positions with regard to the coriander seed trade.
FUTURE AHEAD OF INDIA’S CORIANDER TRADE
The imports of coriander seeds have increased in the current scenario as compared to previous years. This is happening as the supply of coriander seeds in the domestic market is low as compared to demand. To fulfill this shortage, India is doing imports in large quantities from Russia, Bulgaria, and other small nations. The price offered by Russia for coriander seeds is very competitive with other nations. That is the main reason why the import from Russia is increasing, unlike other countries whose imports are declining.
This scenario seems to stay for a good period of time till the time India starts producing an adequate number of seeds for the persisting demand. Hence, India starts importing coriander seeds also from Russia apart from crude petroleum.
DID YOU FIND OUR ARTICLE INFORMATIVE?
If you feel that this blog has added some value to your mind, then we recommend you subscribe to our newsletter and stay in touch with all amazing new reports and analytical content that are on their way.
Stay in touch with our website, https://www.tradeimex.in/blogs so that you never miss any blog in the future.
--- END ---
What's Your Reaction?