Aroma Trading Limited

Market Report March 2004

Bergamot Oil
Although the Sicilian Bergamot Oil crop is generally down on last year, our supplier has reported a drop of over 40% for the crop just completed. His estimated fruit volume of 14,000 Tonnes of fruit is down by 42% in comparison to 2002/3. The reduced volume is blamed on the drought over Spring and Summer and then the high temperatures which damaged the blossoms. The production of Sicilian Bergamot Oil over the last 5 years is as follows:

1999/2000 050 Tonnes

2000/2001 130 Tonnes

2001/2002 090 Tonnes

2002/2003 120 Tonnes

2003/2004 065 Tonnes

Farm gate prices for Bergamot fruit increased EURO 0.30/kilo to maintain revenue per hectare. The carryover of 25 Tonnes gives availability of 90 Tonnes Bergamot Oil for the coming year.

Black Pepper Oil
According to the Vietnamese Pepper Association, their crop of Black Pepper is expected to reach 90,000 Tonnes, similar to last year's figures, of which in excess of 75% will be exported. Last year's surplus was reportedly shipped to China. Indian Crop is expected to be in excess of 50,000 Tonnes of Black Pepper. Exports from India have dropped in recent years, mainly due to competition from Vietnam. We expect prices for Black Pepper Oil to remain competitive for the forseeable future.

Geranium Oil
Seems the Egyptian Geranium Oil suppliers are resisting any decrease in prices but it is only a matter of time before they drop to the levels of Chinese Geranium Oil.

Grapefruit Oil Pink
Availability from our Californain supplier is tight, and will remain so for the rest of this year.

Jasmine Absolute
Our supplier reports another increase in production of Indian Jasmine Concrete for the fourth consecutive year. It is estimated the the increase runs at about 18% over last year. Egypt also increased its production of Jasmine Concrete by about 23% over last year, while Morocco had a reduced crop, down by over 30%. India now produces well over half of the world's Jasmine Concrete, and this year, we can also offer an Indian Jasmine Absolute produced using Pentane. Please contact us for further details. Overall, the price of Jasmine Absolute will be lower again this year.

Rosewood Oil
While year on year production continues to fall, the limited quantities available for export continue to sell at a premium. The current reason given for the shortage is low water levels restricting river transportation. In the longer term, prices will definitely rise as production decreases further.

Sandalwood Oil
We have been advised that our order will be shipped by the end of the month, so availability will improve in April.