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The global recession seems to have impacted India’s spices exports. The shipments during the April-November period of the current fiscal are down by 6.5 per cent in dollar terms compared with corresponding period in the previous year.
The current trade estimate for April-November 2022 for spices is $2,469.02 million (₹9,580.56 crore).
However, the industry is optimistic about a revival, saying the maximum trade happens during the last quarter of the fiscal. The Indian spice industry is looking forward to increasing the export of spices during January-March, which is expected to take the total exports towards the $4-billion mark.
Industry sources said the recession seen across major global markets has impacted the Indian spices export as well. The overall demand is stagnant or ebbing and buyers in major markets are restricting their purchases, only to meet short-term needs.
The Indian spice industry passed the $4-billion mark consecutively during the last two years 2020-21 and 2021-22. During 2022-23, there has been an increased demand for certain spices, especially seed spices including cumin, fenugreek, Bishop’s weed seed (ajwain seed), dill seed, poppy seed, aniseed, mustard, etc.
Garlic has registered an increase of 170 per cent in quantity during April-October 2022 compared to the same period last year. Some other spices such as saffron, which had a bumper crop in the current season; asafoetida, cinnamon, cassia, cambodge, spices (Nes), etc., also show a positive trend.
In a statement issued here, the Spices Board said the 14th edition of the World Spice Congress (WSC), to be held in Mumbai during February 16-28, is all set to open up newer opportunities to promote trade with the G20 countries.
Vision 2030 event
Organised on the sidelines of the G20 Presidency of India, the theme of the event is VISION 2030: S-P-I-C-E-S (Sustainability, Productivity, Innovation, Collaboration, Excellence and Safety).
This is the first WSC being held post the pandemic and will provide a platform for the stakeholders to discuss the industry’s current trends after Covid-19 and together chart out a way forward. The event has special business sessions dedicated to promoting spice trade among the G20 countries.
The pandemic has resulted in an increased awareness on the health benefits and immunity boosting properties of spices globally. This is evident from the increased demand for Indian spices, especially traditional Indian spices such as turmeric, ginger, pepper, and seed spices; especially cumin and fenugreek. All these have registered a surge in demand after Covid.
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