India sees record spices exports in FY18

KOCHI: India exported a record 1.03 million tonnes of spices and spice products in FY18, registering an increase of 8 per cent in volume terms. At about Rs 17,930 crore, exports were 1 per cent higher in rupee terms. In dollar terms, exports were pegged at $ 2.8 billion, up 5 per cent .

“Exports of Indian spices maintained an increasing trend during 2017-18 and exceeded the target fixed for 2017-18,” Spices Board Secretary A Jayathilak said.

Compared to the target of 1.023 million tonnes, valued at Rs 17,665 crore ($2.64 billion) for FY18, the achievement was 100 per cent in terms of volume, 101 per cent in rupees, and 105 per cent in dollar terms. Jayathilak attributed the increase to innovative market interventions and the emphasis on value-added products by the board.

Exports of small cardamom created an all-time record, with shipments of 5,680 tonnes valued at Rs 609.08 crore as against 3,850 tonnes worth Rs 421.50 crore a year earlier, registering an increase of 48 per cent in volume and 45 per cent in value.

Chilli continued to lead Indian spice shipments with export of 4,43,900 tonnes, fetching an amount of Rs 4,256.33 crore. While volumes increased by 11 per cent , the value declined by 16 per cent from the previous year due to volatility in prices of chilli in international markets.

Mint products fetched the second highest revenue among spices with a volume of 21,500 tonnes worth Rs 3,228.35 crore. The value rose by 28 per cent but volumes fell 3.5 per cent . Cumin exports touched 1,43,670 tonnes valued at Rs 2,418 crore, increasing 21 per cent in volumes and 23 per cent in value.

Other gainers included garlic, asafoetida and tamarind and valueadded products like curry powder, spice oils and oleoresins. A total volume of 17,200 tonnes of spice oils and oleoresins worth Rs 2,661.72 crore were exported, marking an increase of 42 per cent in volume and 15 per cent in value.