Spices exports from the nation are on a roll with most of the commodities likely to exceed their annual export target by huge margins. Against the target of 380,000 tonne valued at Rs 3600 crore ($875 million) fixed for the year, 69% of quantity and 71% of value has already been achieved during April-October. Interestingly, imports have declined by 15% in the same period.
For the first seven months of the financial year 2007-08, exports have gone up by 50% in value ($ terms) compared to the same period of last year. India exported 2, 62,250 tonne of spices valued at Rs 2540.15 crore for the period as against 206,150 tonne valued Rs 1918.94 crore.
In dollar terms, the performance stands at $ 625.23 million as against $ 417.97 million in the comparing period of last FY.
Pepper, cardamom (large), chilli and seed spices like coriander, celery, fennel, and fenugreek have contributed the most to the increase. Value added spices like curry powder, spice oils and oleoresins and mint products have also done better. However, the performance of garlic, nutmeg & mace and vanilla was not as expected in terms of both quantity and value.
During April-October 2007, India exported 21,100 tonne of pepper valued at Rs 303.68 crore as against last year?s achievement of 15,050 tonne valued at Rs 140.37 crore. Pepper has already achieved 70% of the volume target and 67% of the value target fixed for the year.