Chilli and mint oil products help spice export cross $1.4 bn

Written by fe Bureau | Kochi | Updated: May 11 2011, 07:36am hrs
Spices exports for the last financial year has crossed $1.4 billion largely due to good showing of chilli and mint oil products, World Spice Organisation (WSO) chairman Philip Kuruvilla said. In the last financial year, India exported 502,750 tonne of spices and products valued at R5,560.50 crore ($1173.75 billion). The dollar realisation for the last financial year is almost 27% higher than the performance of the financial year 2009-10.

Interestingly, the Spices Board had revised downwards the target for the last financial year due to the economic slowdown in the US and EU market. The spices export target for the financial year 2010-11 stands at 465,000 tonne valued R5,100 crore.

According to Spices Board data, exports of spices and spices products from India registered an increase of 4% in volume and 19% in terms of value during April-February 2010-11. In dollar terms the rise in exports is 24%. The country exported 471,165 tonne of spices and spice products valued R6,030.74 crore as against 453,495 tonne valued R5,058.26 crore in April-February 2009-10.

During the period April-February, a total quantity of 218,500 tonne of chilli valued at R1379.51 crore have been exported as against 180,750 tonne valued R1,156.67 crore of last year, registering an increase of 21% in quantity and 19% in value.

While exports of mint oil products have declined by 8% in volume for the eleven-month period, realisation has increased by 40%. India exported 16,250 tonne of mint oil and products to realise R1,541.75 crore during the April-February period. Export of chilli, ginger, fennel, garlic and other spices such as asafoetida, tamarind have shown an increase both in volume and value during the last financial year.

World Spice Organisation formed

Stakeholders of the global spices trade have come together to launch a new organisation, World Spice Organisation (WSO), to address new challenges and concerns. The organisation will be based in Kochi, the spice capital of the world, and bring together end-users, traders and farmers to address food safety and security laws at the farm level, WSO chairman Philip Kuruvilla said.