Indian Spice Export double - IBF
√ India's spice export earnings doubled to $2.8 billion in the first 10 months of the 2022-23 financial year, up from $1.4 billion in the same period last year, according to the Indian Spices Board (IBF).
√ The IBF attributed the growth to higher prices and increased demand from major markets such as the United States, Europe, and China.
√ The United States was the largest importer of Indian spices, accounting for 22% of the total exports, followed by Europe (20%) and China (15%).
√ The top five exported spices were turmeric, pepper, cumin, coriander, and chilies.
√ Turmeric exports rose by 35% to $615 million, while pepper exports increased by 25% to $500 million.
√ Cumin exports rose by 20% to $350 million, while coriander exports increased by 15% to $250 million.
√ Chili exports rose by 10% to $200 million.
√ The IBF said that the growth in spice exports was expected to continue in the current financial year.
It said that the government's focus on improving infrastructure and promoting value-added exports would help to boost the sector.
The IBF also said that the growing popularity of Indian cuisine in the world would help to drive demand for Indian spices.
Here are some of the reasons for the double-digit growth in Indian spice exports:
Increased demand from major markets: The demand for Indian spices has increased in major markets such as the United States, Europe, and China. This is due to the growing popularity of Indian cuisine in these regions.
Higher prices: The prices of Indian spices have increased in the international market. This is due to the increased demand and limited supply of spices.
Improved infrastructure: The Indian government has made investments in improving the infrastructure for spice exports. This has made it easier and faster to export spices from India.
Promoting value-added exports: The Indian government is promoting the export of value-added spices. This includes spices that have been processed or packaged in a way that adds value to them.
Growing popularity of Indian cuisine: The growing popularity of Indian cuisine in the world is a major factor that is driving the growth of Indian spice exports. Indian cuisine is known for its use of spices, and this has led to an increased demand for Indian spices in the global market.
