With buyers across the globe cutting down on their spices consumption, Indian spices exports during the first quarter of the current fiscal has fallen 19% in volume and 12% in value, when compared to the performance of the same period in the last fiscal. In dollar terms the drop is almost 25%. Spices Board had indicated in April that exports during the current fiscal was likely to come down by 20-25% from the record performance of Rs 5,300.25 crore in 2008-09.
Board sources said that deceleration in exports is being felt across all spices as buyers are opting for minimal inventory. Traditional buyers in Europe and US are consuming less. Exports during the Q1 of 2009-10 stands at 122,515 tonne valued at Rs 1230.18 crore ($ 252.24 million) as against 150,920 tonne valued at Rs 1400.80 crore ($ 336.25 million) in April- June 2008.
During April- June 2009, the export of cardamom, coriander, celery, fennel, fenugreek, nutmeg & mace, curry powder and other spices are higher in terms of both volume and value as compared to the same period of last year. However, export of spices like pepper, chilli, cumin, vanilla, mint products and spice oils & oleoresins have shown decline both in terms of volume and value as compared to the same period of last year.
Pepper exports during the three months has dipped by 33% in volume and 40% in value when compared to Q1 of 2008-09.Exports stand at 5,000 tonne valued at Rs 74.87 crore as against 7,430 tonne valued at Rs 124.78 crore of last year. During the period, export of pepper to US, EU and other major destinations, has declined significantly, board sources said. Export of chilli during April-June 2009 has been 37,500 tonne valued at Rs 228.71 crore as against 67,100 tonne valued at Rs 333.82 crore of last year. The decline in export of chilli is mainly due to the absence of Pakistan from the market. Last year they imported 22,000 tonne of chilli during the first quarter of 2008-09.
Among the processed spices, export of curry powder has increased by 16% in volume and 27% in value terms. However, export of spices extracts and mint products during the first quarter of 2009-10 have declined as compared to the same period of last year.