Despite having stiff global competition, Indian spices maintained their robust demand in the international market with exports touching a whopping Rs.14,899 crore in 2014-15 as compared to Rs.13,735 crore a year ago.
Chilli, mint and mint products, cumin, spice oils and oleoresins, pepper, turmeric, coriander, small cardamom, curry powder/paste and fenugreek contributed substantially to the spice export basket as the demand for the Indian spices scaled up phenomenally at the global level.
In the fiscal 2014-15, a total of 8,93,920 tonnes of spices and spice products valued at Rs.14,899.68 crore ($ 2,432.85 million) were exported, registering a nine percent increase in volume and eight percent in rupee terms and seven percent in dollar terms in value as compared to 8,17,250 tonnes valued at Rs.13,735.39 crore ($2,267.67 million) in 2013-14.
Spices Board, the flagship organisation under the union Commerce and Industry Ministry, has been able to meet the export target by devising multifaceted activities for promotion of Indian spices and sustaining their demand in the global market.
"The achievement is substantial and it was achieved in the face of tough competition. Increased demand for Indian spices in the international market is a testimony to their unmatched quality and escalating faith in their sustainability," Spices Board chairman A. Jayathilak said.
Chilli continued to propel the growth story as India’s largest exported spice, accounting for 347,000 tonnes in quantity and Rs.3,51,710 lakh in value during 2014-15.
The export grew by 11.04 percent in quantity and 29.20 percent in value as compared to 2013-14.
Mint and mint products (mint oils, menthol and menthol crystals) earned substantial foreign exchange worth Rs.2,68,925 lakh through exports of 25,750 tonnes, emerging as a major money-spinning commodity in international spice markets.
Pepper, ‘the King of Spices’, contributed significantly to export earnings by bringing home Rs.1,20,842.16 lakh with a corresponding export volume of 21,450 tonnes in 2014-15.
"Indian spices are not only lucrative products for the national exchequer but have also become a trusted global brand," Jayathilak added.