Global shortage of some spices and the general revival in trade has not only helped India?s spices exports to recoup the losses suffered in the early part of this fiscal, but also marginally eclipse the export performance of last financial year.
According to figures provided by the state-run Spices Board, exports during the first eight months of the 2009-10 financial year has moved marginally up by 3% in volume and 1.3% in rupee realisation as compared to the same period last fiscal.
However, realisation in dollar terms has dropped sharply by 7.5% during the same period. Spices exports during the current financial year were so far trailing the performance of last fiscal with buyers cutting down on inventory and consumption.
The board had scaled down the export target for 2009-10 to 435,000 tonne valued at Rs 4,500 crore ($ 1000.00 million) due to less demand from key markets of US and Europe.
In 2008-09, spices exports clocked a record volume of 470,520 tonne valued at Rs 5,300.25 crore.
In April-November of 2009-10, India exported 320,370 tonne of spices and spices products valued at Rs 3495.66 crore ($ 727.67 million) as against 310,830 tonne valued at Rs 3450.50 crore ($786.25 million) exported during the same period of last fiscal.
Interestingly, India has achieved this performance even with pepper and chili exports trailing the record of 2008-09.
Pepper exports during the first eight months of 2009-10 stood at 13,000 tonne as against 16,850 tonne during the same period of last fiscal. Chilli exports during the current fiscal stands at 118,000 tonne as against 132,000 tonne during the same period of last fiscal.
However, chilli exports are seen improving during the later part of the year because of shortfall in Chinese chilli crop. Indian chilli exports had fallen in the first half of 2009-10 due to high domestic prices.
China had displaced India in the Pakistan market and in the first half of 2009-10, exports of Indian chilli to Pakistan was nil as against 22,000 tonne during the first half of 2008-09.
Chilli contributed 40% of India ?s 470,520 tonne spices exports in 2008-09.
Cardamom, ginger, garlic and spice oil and oleoresins have shown good improvement during the month of November.
Shortfall in the Guatemala cardamom crop has helped India gain some export market in West Asia , the export data showed.
Mint product exports have fallen back a bit with the Chinese demand seen lower in the current fiscal when compared to the last year.
