Covid market update: Almonds, Cardamom, Chillies
COVID-19 effects are still affecting the global spice trade, and coupled with various numbers of trade disputes involving India, China, USA, Australia and other parts of the world, Hong Kong is stuck in the centre, making negotations, and international shipping very difficult. Fortunately, supply in production has resumed for almost the entire world and prices are starting to stablise again for most herbs and spices.
Almond nut prices have started to drop following the lead of other nuts. Consumption for these nuts has fallen a lot - as traditional use in Asia and middle east is for gifts and celebrations, all of which have been culled to a minimum. This fall has not yet translated to sliced and flour and other add-value products for almond, as those traditionally fluctuate much less and slower due to supply chains.
Green Cardamom prices are now dropping, from their decade high prices of last month. We are not sure where these will stabilise but the drop has been significant and gradual for over a month now.
Peruvian Chilli prices are now reaching year long highs - these are now at the very end of season, and all goods are used up in all suppliers for at least a few months to come. Harvesting and production was also seriously delayed due to COVID-19.