India’s Spices exports increased by 36 percent to USD 2 billion

                      India’s spices exports crossed the USD 2 billion mark in the fiscal year of 2011-12. It has increased by a whopping 36 percent to USD 2.04 billion in value terms on account of boost in value realization of spices, to be precise of Chili and Pepper.

                      In the year ago fiscal, India had earned foreign exchange value of USD 1.5 billion from the exports of spices. This is according to the latest data, which was eventually released by the Spices Board of India itself.

                       Not only the revenues, the volume of shipments is also increased in this fiscal by almost 10 percent to 5.75 lakh tonnes from 5.25 lakh tonnes in the 2010-11 financial year. It has to be mentioned here that the earnings from spices exports in rupee terms increased by a huge 43 percent to Rs 9,783.42 crore in 2011-12 fiscal from Rs 6,840.70 crore in the year-ago period.

                        Earlier the Spices Board of India had set a target of earning Forex revenue of Rs 6,500 crore, which is nearly USD 1.45 billion, with a volume of 5 lakh tonnes in the last fiscal from the exports of spices. So it is quite clear that the results are far better than the expectations. So Indian Spice Market is on the right direction for sure. Spices are becoming one of the most valued export products of India.

                       There are a few reasons behind extra earnings from the spices exports. They are mainly rose on the back of increased realization from mint products, chili, pepper and spice oils and oleo-resins.