Kochi, June 10 Spices exports crossed the Rs 5,000-crore mark, for the first time, during the last fiscal, despite the global economic recession.
Exports during 2008-09 were 4,70,520 tonnes valued at Rs 5,300.25 crore ($1.168 billion) against 4,44,250 tonnes valued at Rs 4,435.50 crore ($1.102 billion) in the previous fiscal. Compared with last year, exports have increased 19 per cent in rupee terms and 6 per cent in quantity.
In dollar, the increase is 6 per cent, Mr V.J.Kurien, Chairman, Spices Board, said at a press meet.
In the export basket of spices and spice products, spice oils and oleoresins including mint products such as mint oils, menthol crystals and menthol powder contributed 40 per cent of the total export earnings. Chilli contributed 20 per cent followed by cumin 10 per cent, pepper 8 per cent and turmeric 5 per cent.
During 2008-09, Indian spices and spice products reached more than 135 countries. The leading among them are US (21 per cent), Malaysia (7 per cent), UAE (6 per cent), China (6 per cent) and UK (5 per cent), he said.
Export target
However, anticipating a deceleration in exports due to recession, the Chairman said the Board was projecting exports worth Rs 4,500 crore only in 2009-10. Already there has been a dip in volume of 20-25 per cent to all countries, he said, adding that six to seven months inventory level has been reduced to one month now. The exports to European Union had also dwindled to a large extent, he said.
The export of processed spices such as curry powder and spice oils and oleoresins, mint products, spice powders account for 58 per cent of the total exports. Major items such as spice oils and oleoresins and curry powder and blends have shown substantial increase both in quantity and value compared to last year. During 2008-09, 13,250 tonnes of curry powder and blends valued at Rs 163.75 crore were exported against 11,500 tonnes valued at Rs 111 crore of last year.
Curry powder
Curry powder exports during 2008-09 were at an all-time high both in terms of quantity and value. The UK is the largest buyer of Indian curry and spice blends accounting for 2,685 tonnes (20 per cent), followed by Saudi Arabia (1430 tonnes), UAE (1205 tonnes) and US (1070 tonnes).
The Chairman said total import of spices during the last fiscal was estimated at 83,545 tonnes valued at Rs 765.39 crore ($167.55 million) against 90,000 tonnes valued at Rs 645.50 crore ($160.60 million) during the last year.
During the year, import volume declined 7 per cent compared with last year. However, the import value increased 19 per cent in rupee terms and 4 per cent in dollar terms of value.
The unit value of major spices has increased during 2008-09 compared to last year resulting in the increase in the import value. The major spice items imported are pepper, poppy seed, clove, cardamom large, ginger fresh and cassia.
Source : Business Line