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India registered an eight percent increase in the export of spices and spice products reaching 1.03 million tonnes in terms of volume during FY2017-18. In rupee terms, the exports were high by 1% reaching Rs.17930 crores. The increase was 5% in terms of dollar reaching a figure of $2.8 billion.
Spices Board Secretary told that “Exports of Indian spices maintained an increasing trend during 2017-18 and exceeded the target fixed for 2017-18.” The target for FY2017-18 was fixed at 1.023 million tonnes that would be of value Rs.17665 crores ($2.64 billion and the achieved exports were at 100% in volume, 101% in rupees, and 105% in dollars.
This increase was attributed to the board doing market interventions and giving importance to the value-added items. The outgoing small cardamom consignments made an all-time high with an increase of 48% in volume and 45% in value. The export volume the spice was at 5680 tonnes of value Rs.609.08 crores which were at 3,850 tonnes worth Rs.421.50 crores, a year back.
Chilli was the top performer amongst the spices with shipments of volume 443900 tonnes of value Rs.4256.33 crores. The increase in volume was 11% but the value saw a downfall of 16% due to volatile prices of the spice in the global markets.
The second highest revenue was collected by mint export that is a volume of 21,500 tonnes worth Rs.3228.35 crores. The volumes fell by 3.5% but the price value saw a hike of 28%. Cumin exports increased 21% in volume reaching 143670 tonnes with a value of Rs.2418 crores that increased by 23%.
Asafoetida, tamarind, and garlic also saw more exports. Value-added products like spice oils, curry powder, and oleoresins were also exported more. About 17,200 tonnes of spice oils and oleoresins of value Rs. 2661.72 crores were shipped in total which showed a steep increase in volume by 42% and in value by 15%.