In February 2023, Indonesia’s Cardamom Prices Returned to Normal

In Indonesia, the price of cardamom in February 2023 shows an uptrend and has increased about 30% compared to January 2023. During the pandemic, prices stood at USD 16.48-19.77/kg (IDR 250k-300k/kg) and suddenly increased to 5 times compared to the previous price of USD 3.95-4.61/kg (IDR 60k-70k/kg) due to a shortage of supply and demand from the export market. This price point continued until Q4 of 2022, then unexpectedly dropped even below the price point before the pandemic. At the beginning of 2023, the price returned to its pre-pandemic equilibrium in a range of USD 4.61-5.93/kg (IDR 70k-90k/kg). This very high price fluctuation resulted in high losses for traders who still had stock from the purchase price during the pandemic.