India’s spices exports reach an all-time high in FY17
The Dollar Business Bureau
India’s exports of spices and spice products surged 12% to an all-time high in terms of value and also in volume terms in the financial year 2016-17, a communication from the Spices Board on Wednesday revealed.
India exported Rs.17,664.61 crore ($2633.3 million) worth of spice products in 2016-17. In terms of volume, it stood at 9,47,790 tonnes. In the fiscal of 2015-16, the spice products export stood at 8,43,255 tonnes in terms of volume and at Rs.16238.23 crore ($ 2482.83 million) in value terms.
“India has surpassed all previous export records and has fulfilled the increasing international demand for its quality spices in the face of tough competition in global markets. More satisfying was the fact that the appreciable increase in exports came in the face of strict food safety regulations that now define and determine the international commodity trade,” said A Jayathilak, Chairman, Spices Board.
Chilli remained the most demanded spice in the last financial year with shipments of around 4,00,250 tonnes valued at Rs.5,070.75 crore.
The second-most demanded spice was cumin, exports of which registered an increase of 22% in volume terms and 28% in terms of value. Cumin worth Rs.1963.20 crore and 1,19,000 tonnes in volumes was exported from the country during the given period.
Driven by higher international demand mainly in pharmaceuticals, turmeric exports reached 1,16,500 tonnes in terms of volume and Rs.1,241 crore in terms of value in the fiscal 2016-17.
Fennel exports registered a maximum increase with 129% in volume and 79% in value.
Exports of garlic substantially contributed to the total growth during the fiscal, registering 92% increase in value terms and 39% in volume terms.
The global demand of nutmeg and mace was also higher, with exports registering a surge of 25% at 5,070 tonne in 2016-17 against 4,050 tonne during previous fiscal.
Celery export increased to 6,250 tonne in volumes, valued at Rs.62.46 crore in 2016-17 compared to 5,310 tonne, worth Rs.53.28 crore in 2015-16.