Spices exports from India goes over Rs 21000 crore in 2019-20, records growth of 10 per cent
The data issued by the Kochi-headquartered Spices Board said the spices exports during 2019-20 exceeded the fixed target both in terms of volume, rupee value and dollar terms of value.
KOCHI: The exports of Indian spices and spice products surged to Rs 21,515.4 crore (USD 3033.44 million) and a volume of 11,83,000 tonnes in 2019-20, sustaining their robust demand in international markets despite stiff competition.
During the previous year of 2018-19, India exported a total of 11,00,250 MT of spices and spices products. This means, in quantity terms, 2019-20 saw a growth of 7.52 percent from 2018-19. In rupee terms, the spices exports in 2019-20 grew by 10 percent from Rs 19,505.81 crore and in dollar terms, the growth was 8 percent.
The data issued by the Kochi-headquartered Spices Board said the spices exports during 2019-20 exceeded the fixed target both in terms of volume, rupee value and dollar terms of value. Against the export target of 10, 75, 000 MT valued Rs 19,666.90 crore (US$2850.28) for the year 2019-20, thereby registering an increase of eight percent in volume, 10 percent in rupee terms and eight percent in dollar terms.
The total number of spices and spice products exports stood at 215 in 2019-20 as against 219 items in the previous year, the Spices Board said.
Chilli, mint products, cumin, spice oils & oleoresins and turmeric continued to be the major contributors in the spices basket contributing 80 percent of the total earnings. Though the Indian spices are exported to 185 countries, China (24 percent), USA (16 percent), Bangladesh (six percent), Thailand (five percent), UAE (six percent), Sri Lanka, Malaysia, UK, Indonesia, and Germany are the major buyers contributing over 70 percent export earnings.
Chilli continued to be the most demanded spice in 2019-20 with exports of 4,84,000 tonnes amounting to Rs 6,221.70 crore, registering an increase of 15 percent in value from the previous year. Cumin was the second-most exported spice, recording an increase of 16 percent in volume and 12 percent in value. A total volume of 2,10,000 tonnes of cumin valued at Rs.3225 crore was exported from India in 2019-20.
"India has fulfilled the increasing international demand for its quality spices in the face of tough competition in global markets. In view of the global pandemic situation, the demand for quality Indian spices is on the rise for their immunity-boosting properties," said Spices Board secretary D Sathiyan.
The spice which showed the maximum increase as compared to the previous financial year was ginger, registering a 178 percent increase in volume and 129 percent in value at 50,410 tonnes and 449.05 crores respectively.
The export for large cardamom escalated by 28 percent in volume and 11 percent in value and 1,100 tonnes of the spice was exported crossing Rs 67.58 crores in value terms in 2019-20. Spice mixes have been in great demand in the foreign markets owing to their ready-to-use features.
The exports of curry powders and curry pastes ascended this year too with a value of Rs 834.1 crores and volume of 38,200 tonnes registering an increase of 12 percent and 13 percent respectively. India is the world leader in the supply of the higher-end value-added products of spices like spice extracts and mint and mint products.
The export of these value-added products showed a steady increase in this fiscal year. With the higher unit value realization of these products, it alone accounts for 30 percent of the total earnings, said the Spices Board.
Celery along with seed spices such as coriander, fenugreek and mustard among others have contributed substantially to the spices export of FY 2019-20.