Indian spice export cross $500 m to hit record high
Kochi, Jun 6 (UNI) Peppered by the high demand of value-added products, Indian spices exports crossed 500 million dollar-mark for the first time in history during the last fiscal, registering a growth of 4.3 per cent in rupee value, Indian Spices Board said.
The exports reached all time high of Rs 2295.25 crore (518 million dollar) with a volume of 3,20,527 tonnes during the year 2005-06 against 3,35,488 tonnes valued Rs 2200 crore (490 million dollar) in the previous year, according to the figures released by Board chairman V J Kurian here last night.
For the current year, we have fixed a target of Rs 2400 crore worth foreign exchange from the exports of spices. Efforts are on to make at least 50 per cent of chilly cultivation organic with an integrated pest management control to suit the rising scope for organic products,'' he said.
Despite record income, the overall volume decreased by 4.5 per cent, mainly due to fall in chilli exports. Thanks to an exceptional crop reduction in China, chilli exports stood 1,38,000 tonnes during the previous year. However, it came down to 1,13,250 tonnes during the last fiscal.
The country had set an overall target of 250,000 tonnes in volume and Rs 2100 crore (480 million dollar) in value for the year.
However, the achievement was 128 per cent in quantity and 109 per cent in rupee value, he said.
Value added projects like spie oils, oleoresins, mint products, curry prowders, blends and spice powders together contributed 66 per cent of the total volume. India earned foreign exchange worth Rs 575 crore from mint products alone while spice oils and oleoresins exports brought home another Rs 500 crore, Mr Kurian said.
America remained the largest market for Indian spices with 21 per cent share among the 130 countries, sending Rs 477 crore worth exchange to India while Malaysia, China and Britain remained on the second spot with 6 per cent each, he said.
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