India’s spice exports posted a sharp 41% increase in rupees from April to May

Exports of spices and spice products from India recorded a huge increase in the first two months of the current financial year.

From April to May 2023, exports of spices and spice products amounted to 6702.52 crore (US$815.39 million) compared to 4746.85 crore (US$618.63 million) in the same period last year, which an increase of 41% in rupees and 32% respectively. expressed in dollars.

“Despite challenges such as an increase in domestic prices for spices such as chili and cumin, and reduced/postponed demand due to economic strains in some importing countries, the Indian spice sector has shown great resilience in FY2022-23 with export performance in line with last year. In fact, India exported nearly US$4 billion (Rs.31,761.38 crore) worth of spices in 2022-23, an increase of 4.74% in rupees compared to 2021-22 period,” said D. Sathiyan, Secretary of the Spices Board.

The spices exported in 2022-23 are valued at Rs.31,761.38 crore compared to Rs.30,324.32 crore in 2021-22. The largest contributors to the spice export basket by value were chili (33%), cumin (13%), spice oil and oleoresins (13%), mint products (11%), turmeric (5%), curry powder (4%), cardamom (small) ( 3%) and pepper (2%), which together accounted for more than 80% of total spice export earnings.

The top importers of Indian spices in 2022-23 were China (20%), US (14%), Bangladesh (7%), United Arab Emirates (6%), Thailand (5%), Indonesia (4%) , Malaysia (4%), the United Kingdom (3%), Sri Lanka (3%), Germany (2%), the Netherlands (2%), Nepal (2%) and Saudi Arabia (2%), the contribute more than 70% of export earnings of spices. Out of the top 11 destinations, exports to seven major destinations increased in FY2022-23, according to an official press release here.

In fact, in April 2023 compared to April 2022, spice exports recorded an increase of 20% in volume, 23% in rupees and 14% in value in dollars. The export performance for April 2023 shows a significant year-on-year increase due to the increased export of spices such as chili, cumin, turmeric, fennel and garlic.

Spice exports in April 2023 were 1,43,523 tons worth 3077.68 crore rupees (US$375.22 million) compared to 1,19,534 tons worth 2505.93 crore rupees (US$328.99 million -dollars) in April 2022.

The main export items (in dollars) were chili (39%), cumin (17%), spice oil and oleoresins (10%), mint products (7%), turmeric (6%), curry powder (4%), coriander (3% ) and fennel (3%), while the main destinations were China (32%), USA (11%), Bangladesh (8%), Indonesia (5%), United Arab Emirates (4%). ), Malaysia (4%), Thailand (3%), Sri Lanka (3%), Germany (2%), Great Britain (2%), Saudi Arabia (2%), Nepal (2%), Japan (1st % ) and the Netherlands (1%).

Compared to May 2022, there was an increase in spice exports by +60% in rupee value and +50% in US dollar value.

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