India’s spices exports likely to reach a record high in FY2014-15
The Dollar Business Bureau | @TheDollarBiz Strong demand in international markets may help spices exports from India to reach a record high in FY2014-15, the Spices Board of India said during the release of export figures for April – July 2014 this week. According to the Spices Board, India has exported 2,71,280 tonnes of spices and spice products during April – July 2014, which is up about 10.2% from 2,46,060 tonnes exported during the same period last year. In rupee terms, earnings due to spices exports are up about 11% to Rs.4,339 crore (up from Rs. 3,892.72 crore in April – July 2013), while in term of USD, export earnings are up 6% to $721.02 million, up from $682.79 million earned during April-July 2013 from spices exports. India’s spices exports stood at around 8,17,250 tonnes, worth Rs.13,735.4 crore (about $2.26 billion) in FY2013-14, which was up 12% in volume and up 13% in terms of rupee from the previous year. FY2013-14 exports also exceeded the target of 6,24,700 tons (Rs.10,394 crore; $1.8 billion) by 131% in terms of quantity and 132 % in rupee and 124% dollar terms of value.
This year, the government is aiming at spices exports of at least 7,55,000 tonnes worth around Rs.12,305 crore (about $2 billion) in the full financial year 2014-15. However, robust performance in the first four months of the current financial year has helped spices exports to reach around 36% of the target in terms of quantity and around 35-36% in terms of value already. Releasing the export performance for April- July 2014, Dr. A. Jayathilak, IAS, Chairman, Spices Board, said, “The promising export figures for the period points to an increased demand for Indian spices in the global market. We look forward to an all-time high export record for the financial year with prominence to value added products in the export basket.”
Value-added spices exports have grown significantly this year. In April – July 2014, India exported 7,050 tonnes of curry powder/paste, which is up about 14% from 6,190 tonnes exported in the same period last year. In terms of value, earnings from exports of curry powder/paste in April – July 2014 stood at Rs.133.23 crore, up about 34% from Rs.99.44 crore recorded in the corresponding period last year. Spices Board of India comes under the Ministry of Commerce, India, and aims to promote export of 52 notified spices. The Board provides assistance to exporters in development of infrastructure, technology for processing, grading and packaging, testing and certification, and marketing.
This article was published on October 16, 2014.