Spices exports from India touch Rs. 14,899.68 crores in FY 2014-15

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Kochi: Taking stiff global competition head on, Indian spices maintained their robust demand in the international market with spices exports from the country touching a whopping Rs. 14,899.68 crores (US$ 2,432.85 million) in 2014-15 as compared to Rs. 13,735.39 crores (US$ 2,267.67 million) a year earlier.

Chilli, mint and mint products, cumin, spice oils & oleoresins, pepper, turmeric, coriander, small cardamom, curry powder/paste and fenugreek contributed substantially to the spice export basket as the demand for Indian spices scaled up phenomenally at the global level.

In the fiscal 2014-15, a total of 8,93,920 tons of spices and spice products valued at Rs.14,899.68 crore were exported, registering a 9 % increase in volume and 8 % in rupee terms in value as compared to 8,17,250 tons valued at Rs.13,735.39 crore in FY 2013-14.

The total export of spices during 2014-15 exceeded the target of 7,55,000 tons valued at Rs 12,304.90 crore (US$ 2000 million) in terms of both volume and value for the financial year 2014-15.

Spices Board, the flagship organisation under the Union Ministry of Commerce and Industry, has been able to meet the export target by devising multifaceted activities for promotion of Indian spices and sustaining their demand in the global market.

Dr. A Jayathilak IAS, Chairman, Spices Board said, “The achievement is substantial – 118% increase in terms of volume and 121% in rupee and 122% in dollar terms of value – and it was achieved in the face of tough competition. Increased demand for Indian spices in the international market is a testimony to their unmatched quality and escalating faith in their sustainability.”

Chilli continued to propel the growth story as India’s largest exported spice, accounting for 347,000 tonnes in quantity and Rs 3,51,710 lakhs in value during FY 2014-15. In terms of volume, chilli was followed by cumin with an export quantity of 1,55,500 tons that earned a foreign exchange worth Rs 1,83,820 lakhs.

Value added spice products like spice oils and oleoresins notched a significant high with figures of 11,475 tons (exports) and Rs 1,91,090 lakhs (earnings). Pepper, ‘The King of Spices’, contributed significantly to export earnings by bringing home Rs. 1,20, 842.16 lakhs with a corresponding export volume of 21,450 tons in FY 2014-15.

Kerala Biz News

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