Palm oil is a type of edible oil that has a wide range of uses, including as a preservative in a variety of foods, a common cooking oil, and even in shampoos, cosmetics, and biofuels. The oil is derived from palm fruit and stands out from other oil crops due to its higher oil content.
India is the largest exporter of pepper in the world followed by Vietnam and Sri Lanka. According to the Ministry of Industry and Trade’s Import-Export Department, Vietnam exported over 41,000 tonnes of pepper worth 129 million USD in the first two months of the current year, a 35% increase in volume but a 7.4% decrease in value compared to the same period in 2022.
SovEcon, a consultancy firm, predicted that Russia, one of the world’s largest producers as well as exporter of wheat would produce an estimated 86 million tons of wheat in 2023, which was in line with earlier projections despite unfavorable weather in January.
India is the world’s largest spice producer, and consumer as well as exporter, and over the years, the production of various different spices has grown rapidly in the country. The largest spice-producing states in India are Madhya Pradesh, Rajasthan, Gujarat, Andhra Pradesh, Telangana, etc. Of the 109 varieties that the International Organization for Standardization (ISO) lists, about 75 are produced in India.
As the most competitive exporter globally, India is the largest exporter of rice, followed by Thailand and Vietnam.
This week, prices for rice shipped from India, the top global hub, decreased due to a slowdown in demand from consumers in Africa, and Bangladesh tried to clamp down on hoarding to control rising local prices for the staple food.
India is the largest sugar producer in the world and the Asian nation ranks second behind Brazil in terms of sugar exports.
On 1st of March, 2023 , the price of sugar surged sharply, with the May NY sugar recording a contract high. Prices will rise as there are indications of limited global sugar supplies. The March 2023 ICE sugar contract, which expired on 28th February 2023, was settled with the delivery of 11, 551 contracts, or about 587,000 MT of sugar. That was the smallest March sugar contract settlement since 2013 and fell far short of the 1.34 MMT required to settle the March 2022 ICE sugar contract, indicating tight supplies. On the 1st of March, May London White Sugar #5 (SWK23) closed at +13.50 (+2.40%), and May NY World Sugar #11 (SBK23) closed at +0.50 (+2.49%).
A leading economist after the release of the latest export data said, “The future of the South African agriculture sector is bright, with the potential for more exports, job creation and economic growth.”
India is the largest rice exporter in the world, followed by Thailand and Vietnam as the world’s most competitive exporters.
Rice exports from Vietnam are expected to benefit from a variety of favorable conditions such as high global demands and are expected to reach a volume of 7 million metric tonnes (MMT). In the previous year, the country’s Rice Exports were at 7.2MMT, gaining a value of $3.49 billion USD.
Rice is one of the many agro-commodities consumed worldwide. It is the staple food of almost 3.5 billion people of the world. Majorly it is consumed in Asia, Africa and Latin America.
China is the largest producer of rice in the world followed by India, which is the largest exporter and second largest rice producer globally. Indian rice is used to make a variety of dishes and the basmati variety of Indian rice is globally famous for its fine-quality and fragrance. India exports rice to almost 150 countries and accounts for 40% of the global Rice Export.
In a recent letter to the Commerce Ministry, the Bangladesh Sugar Refiners Association (BSRA) submitted a set of proposals with a request to take necessary steps to keep the price of sweetener stable in the domestic market. The proposals were against the backdrop of a recent surge in domestic sugar prices and a supply shortage of the commodity in the local markets in Bangladesh.
