Spices exports were up 16 per cent in value to Rs 4,880.56 crore (Rs 4222.56 crore) during April-December 2010. The increase in the total value realisation was mainly driven by a spurt in the price of spices in the global markets. Meanwhile, export volumes moved up marginally by 3 per cent to 3,91,560 tonnes (3,78,950 tonnes) during the period. The most significant growth was registered in foreign exchange realisation, which moved up by 21 per cent to $1,070.10 million ($882.33 million).

A notable achievement of the period was that spices exports topped the billion-dollar mark in the first nine months of this fiscal. Mint and mint product exports as well as spice oils and oleoresins continued to contribute significantly to the spices export basket in value. The rally in unit value realisation of these two pillars of spices exports ensured that spices exports crossed the billion-dollar mark.

Although mint and mint products were down by 12 per cent in volume during April-December 2010, the 29-per-cent growth in unit value realisation from Rs 614 to Rs 896 this year ensured that the total value realisation spurted up. For spice oils and oleoresins, the marginal 1-per-cent spurt in volumes was accompanied by a 17 per cent growth in unit value realisation taking the total value realisation to Rs 641.39 crore (Rs 546.76 crore). Spice oils and oleoresins as well as mint and mint products together accounted for close to 50 per cent of the total value realisation from spices exports.

During April-December 2010 exports of chilli, ginger, fennel and garlic showed an increase in volume as well as value. But spices like tamarind and asafoetida could register growth only in value. Others like mustard, aniseed, ajwanseed, nutmeg and mace showed a decline in both volume and value during the period.

While pepper exports stagnated in value in the global markets for several years, firm price trends were evident during the last couple of months. The unit value of pepper exports have increased from Rs 157.71 a kg last year to Rs 190.18 a kg this year. Chilli is another prominent export item in both volume and value. Chilli exports increased by 22 per cent in volume to 1.79 lakh tonnes (1.47 lakh tonnes), even as the total value realisation grew by 17 per cent to Rs 1,108.92 crore (Rs 946.49 crore).

The spices board has set an export target of 4.65 lakh tonnes, valued at Rs 5,100 crore for this fiscal. The foreign exchange target is pegged at $1,125 million. By December 2010 the country achieved 84 per cent of the targeted volume, 96 per cent of the targeted value and 95 per cent of the foreign exchange target.

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