Spice Exports See a Boost in Value and Volume
Despite ongoing challenges in many countries regarding the export of packaged spices from India, the value of spice exports increased by about 12 percent in the eleventh month of the financial year 2023-24. The Spices Board of India released this information in its latest data. From April to February 2023-24, India exported 13,35,365.92 tonnes of spices worth $384,21 million. This represents a significant increase in both volume and value compared to the same period last year. The export of coriander, fennel, nutmeg-mace, and carom seeds saw substantial growth, while exports of small and big cardamom, tamarind, and cumin decreased.
Export Figures Highlight Growth in Specific Spices
The export of coriander jumped by 142 percent in volume, reaching 100,333.98 tonnes worth $10,45 million during April-February 2023-24. Last year, 41,515.88 tonnes were exported, earning $6,64 million. This marks a significant increase of 57 percent in income. Similarly, fennel exports rose to 37,681.92 tonnes worth $7,62 million, compared to 20,161.68 tonnes worth $3,54 million last year. This represents a 32 percent increase in income. Nutmeg-mace exports also increased, with 4,492.83 tonnes worth $3.06 million exported this year, compared to 3,110.49 tonnes worth $2,41 million last year. This shows a 27 percent rise in income. Carom seeds exports grew by 26 percent in volume and 32 percent in income, with 6,045.95 tonnes worth $1,11 million exported this year.
Cardamom Exports Face Significant Declines
The export of big cardamom saw the largest decline, with 1,811.60 tonnes worth $1,56 million exported last year dropping by 42 percent to 1,055.09 tonnes worth $1,40 million this year. Small cardamom exports decreased by 25 percent in volume but saw a 3 percent income increase, with 5,280.01 tonnes worth $10,20 million exported this year. Tamarind exports fell by 23 percent in volume and 17 percent in income, with 23,468.86 tonnes worth $1,96 million exported this year. Cumin exports decreased by 21 percent in volume but increased by 32 percent in income, with 1,32,017.06 tonnes worth $58,63 million exported this year, compared to 1,67,052.75 tonnes worth $44,29 million last year.
Mixed Outcomes in Spice Exports
Despite significant declines in some spices like cardamom and tamarind, overall spice exports from India have shown robust growth in both volume and value. The increases in coriander, fennel, nutmeg-mace, and carom seeds highlight the dynamic nature of India’s spice export market. The Spices Board of India continues to monitor these trends closely to support the industry’s growth and address challenges in the global market.