The world is under the spell of India’s aromatic treasures as the Spices Board of India unveils a captivating announcement. In the initial half of the current fiscal year 2023-24, a surge in the production of red chilli, turmeric, coriander, mace, and nutmeg was witnessed. However, not all spices sway to this uplifting rhythm, as black pepper, small and big cardamom, and beer face a dip in exports.
The Spices Board data reveals an export of over 748,823 tonnes of spices, resulting in a whopping $2,04 billion loss from April to September 2023. Compared to the previous year’s 693,512 tonnes valued at $1,91 billion, this surge paints a complex canvas of spice dynamics.
Red Chillies, Turmeric And Coriander Uplift
The fiery dance of red chilli sees 258,218 tonnes exported, raking in $63,96 million. The export weighed 223,683 tonnes a year ago, bringing $53,51 million to the spice coffers. The golden spice – Turmeric, another spice in the limelight, witnessed a jump to 92,025 tonnes this year, soaring to $11,07 million compared to the previous year’s 88,367 tonnes at $10,59 million.
Coriander, the unsung hero, contributes 71,931 tonnes to the spice record, fetching $71,38 million. Contrast this with the previous year’s 21,775 tonnes, earning $35,53 million.
Downfall in Cardamom, Black Pepper, Dry Ginger, And Fenugreek
In an unexpected twist, black pepper takes a dip, contributing 8,047 tonnes and generating $4,00 million, down from the previous year’s 10,239 tonnes and $4,76 million. Small cardamom, however, maintains its vigour, exporting 2,015 tonnes, yielding $3,31 million, while last year, it commanded 4,342 tonnes, garnering $6,08 million. Large cardamom retreated to 426 tonnes, pulling in $0,41 million, a decrease from the previous year’s 810 tonnes and $0,78 million.
Dry Ginger production drops to 11,077 tonnes, earning $1,90 million, compared to last year’s 24,809 tonnes and $2,66 million. Simultaneously, ginger experienced a decrease, contributing 76,969 tonnes, resulting in a revenue of $32,98 million, a drop from the previous year’s 109,628 tonnes at $27,89 million.
The narrative concludes with fenugreek exports of 13,990 tonnes worth $1,68 million. Last year, 21,306 tonnes were exported, accumulating $1,91 million. This earthy spice offers a subtle end to the flavorful journey.
The rise and fall of each spice unveils a culinary experience, echoing the resilience and dynamism of the market. The intricate play of flavours and economics leaves one anticipating the next chapter in the spice market, where each spice contributes to the global market.