Exports of Indian spices surge in June

Even as the outbreak of Covid-19 pandemic has impacted overall exports, India has witnessed a huge rise in outbound shipment of spices. According to an Assocham study, exports of Indian spices has increased by 34 per cent in rupee terms and 23 per cent in dollar terms in June this year.

Spice exports from India went up (by 23 per cent) to $359 million in June 2020 from $292 million in the same month last year, against a decline of 12.41 per cent in the country's overall merchandise export basket during this period.

In domestic currency, thanks to the forex advantage, spice exporters raked in even better realizations to Rs 2,721 crore in June 2020 from Rs 2,030 crore in the corresponding month a year ago, as per the official data.

The spices which have been in demand include pepper, cardamom, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, nutmeg, spice oils and oleoresins. There has been a sharp increase in demand for mint products as well. Countries such as the US, UK, Germany, France, Italy, Canada, Australia, the UAE, Iran, Singapore, China and Bangladesh have been the main buyers.

“Thanks to the efforts of the Aayush Ministry and traditional knowledge about spices being a strong immunity builder, an increasing number of Indians are taking to higher consumption of spices. But the rising exports trend does show how the world is benefiting from these items,” Assocham secretary general Deepak Sood said in a statement.

A dipstick study conducted by industry body also revealed an increase in demand for spices in the domestic market. The rise in demand has also led to a sharp increase in their prices by almost 12 per cent in June.

“'While the Aayush Ministry has been making commendable efforts to promote India's traditional knowledge, the Covid-19 pandemic is compelling us to go an extra mile to document evidence based benefits,” Sood said..