In the world of spices, India has witnessed a remarkable export surge during the first two months of the current financial year 2023-24 (April-May). Per the latest data released by the Spices Board, there has been an impressive 39.70% jump in the export of various spices, showcasing a positive trend despite soaring domestic prices. This encouraging growth has been a boon for the spices export market and has garnered attention from importers across India.
Coriander: Leading performer among spices
The data further highlights the star performers among spices, with coriander leading the pack with a staggering 372% increase in quantitative exports. This surge has been complemented by garlic, fennel, and cumin, which have witnessed jumps of 284%, 218%, and 68%, respectively. These spices have showcased their prowess in the international market, proving to be in high demand among global buyers.
On the other hand, the export of dry ginger faced a setback, with a decline of 65% in quantitative exports and a 44% dip in income. Similarly, small and large cardamom decreased by 64% and 52% in quantitative exports compared to the same period of the last financial year. Black pepper, known for its unique flavour, also experienced a decline of 37% in quantitative export and a 29% dip in income. Despite these challenges, the spices market remains resilient and a lucrative segment of India’s export industry. In the spices realm, turmeric and nutmeg mace have also shown steady growth, with a 27% increase in quantitative export of turmeric and a 7% rise in nutmeg mace exports. However, fenugreek, tamarind, and oregano witnessed declines of 20%, 27%, and 16%, respectively, in their export quantities.
In conclusion, the spices export industry has grown tremendously, indicating a promising future for Indian spices in the global market.
Import/Export Statistics
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