India's spices exports rise by 32 percent

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SME Times News Bureau | 28 Jan, 2014
India's spices exports jumped by 32 percent to USD 1.39 billion in the April-November period of the current financial year, according to data released by the Spices Board of India.

In terms of US dollar value spices exports rose by 32 percent in the first eight months of the current fiscal while in rupee term the jump was 46 percent. This was due to a sharp depreciation in the value of rupee.

Volume of spices exports rose by 28 percent in April-November period year-on-year.

"Increased demand for Indian spices in the international arena is a testimony to their nonpareil quality and escalating faith in their sustainability," A.Jayathilak, chairman, Spices Board India, said in a statement.

The exported quantity of spices jumped to 5,08,555 metric tonne (MT) in April-November 2013 from 3,98,000 MT recorded in teh same period in the previous year.

The mint basket with products such as mint oils, menthol and menthol crystals rule the roost with an export of 15,850 MT which earned a sum of Rs.1975.17 crore.

It showed an increase of 129 percent in volume and 62 percent in value when compared to the export of 6,916 MT during the same period in the previous year, which fetched Rs.1,222.99 crores.

Pepper and Turmeric have asserted their prominent position in the spices
export arena with an export value of Rs.572.26 crore and Rs.408.28 crore respectively.

Coriander, during the period recorded Rs.235.57 crore enjoying a 119 percentage increase in value.

Small Cardamom , popularly known as 'The Queen of Spices', accounted for 1805 MT valued at Rs. 144.35 crore.

Fennel showed great promise with exports of 13,100 MT in volume, valued at Rs.116.40 crore.

Jayathilak said the future of spices trade looks promising and secure with the current trend that has surpassed the export figures for the corresponding period in the previous year.