Spices exports rise 35% in Q1

Spices exports grew by 35% in volume terms during the first quarter of the current fiscal, while the total value of exports touched Rs. 4,589.14 crore helped by higher exports of chilli to the global market, Spices Board sources said. The total export of spices rose to 3,06,990 tonnes in terms of volume during April–June 2017 as compared to 2,27,938 tonnes in the first quarter of FY17. Chilli became the most exported spice during April–June 2017 with the shipment of 1,33,000 tonnes, fetching Rs. 1,198 crore. Garlic has registered the maximum growth in terms of volume and value. It contributed substantially to the overall exports during the period, rising 107% in value terms and 169% in volume. Fennel registered a remarkable growth of 92% in volume and 49% in value through shipments of 13,250 tonnes globally. The exports of other seed spices such as mustard, aniseed and dill seed grew by 83% in volume as compared to the same period last year and saw a 63% increase in value. During the period, 1,220 tonnes of small cardamom, valued at Rs. 134.55 crore, were exported as against 1,106 tonnes worth Rs. 90.81 crore during the corresponding period last year, registering an increase of 10% in volume and 48% in value. Ginger, along with mint products, also contributed significantly to the overall spices’ exports during April– June 2017. Increased demand for processed and value added spices resulted in an increase in the exports of curry powder and pastes, along with spice oils and oleoresins, accounting for a significant part in the spices export basket of the first quarter of the current fiscal, board sources said. Spices exports have registered substantial growth during the last five years, registering a compounded annual average growth rate of 10% in rupee terms and 5% in dollar terms of value and India commands a formidable position in the global spice trade. During 2016-17, a total of 9,47,790 tonnes of spices and spice products valued Rs. 17,664.61 crore ($2,633.30 million) has been exported from the country as against 8,43,255 tonnes valued at Rs. 16,238.23 crore ($2,482.83 million) in 2015-16, registering an increase of 12% in volume, 9% in rupee terms and 6% in dollar terms.