The export of spices from India experienced a steep dip of 13% in the April-January period of FY 2022-23 due to unpretentious prices. According to the Spices Board of India’s latest data, the nation exported 116,795 tonnes of spices, which is 13% lower in quantity than last year. It reflects that Indian products are no longer engaging in the global market with elevated domestic prices on different spices.
Despite this decline, garlic exports were phenomenal growth at a whopping 165%, while dry ginger increased 64% in the same period. A total of 47,329 tonnes of garlic were exported. It demonstrates a clear jump of 165% in quantity compared to last year’s export earnings of 17,832 tonnes.
There was also a surge in fenugreek export. In the April-January period, India exported 30,715 tonnes of fenugreek against 27,720 tonnes, reflecting an increase of 11% in quantity.
Moreover, turmeric export saw a slight rise in income and quantity, as the export earnings increased by 9% compared to last year’s export of 126659 tonnes of turmeric worth $15,20 billion. In contrast, this year’s shipment was 136492 tonnes, earning $ 16.50 billion.
Experts and traders urge Indian traders to consider pricing for the international market and rethink pricing strategies to increase competitiveness in the global spice trade market.