A surge in chilli, mint and pepper exports during FY 2007-08 have taken the Indian spices export past the $ 1 billion-mark.
During the last FY, India exported 4,44,250 tonne of spices and spice products valued at $ 1,101.80 million (Rs 4,435.50 crore), Spices Board chairman VJ Kurian told reporters here on Wednesday.
Exports for 2006-07 stood at 3,73,350 tonne valued at Rs 3,575.75 crore ($792.95 million). Exports have also beaten the target fixed by the board for the last fiscal by huge margins. The targets fixed by the board for the 2007-08 was 3, 80,000 tonne valued at Rs 3,600 crore (US$ 875 million).
A supply shortage in China has seen chilli exports touch record heights with exports of 2,09,000 tonne during the FY, and accounting for 47% in volume and 25% in value of the total spices exports, Kurian said.
The increase is 41 % in volume and 36% in value when compared to the previous year. Malaysia is the largest buyer of Indian chilli followed by traditional buyers like Bangladesh, Sri Lanka and US.
Similarly mint products exports to East Asian countries, namely China, has grown by 16% in value terms and 30% in volume terms to touch 21,000 tonne valued at Rs 1,280 crore during the last FY.
Kurian added that both China and Malaysia were processing the whole spices imported from India before exporting it to other nations.?The potential for value addition is huge in mint products and chilli and we hope to exploit it in the coming years,? Kurian said.
Pepper exports also touched new heights with 35,000 tonne of the commodity exported out of the nation valued at Rs 519.50 crore. The achievement is higher by 22% in volume and 70% in value when compared to the previous FY.