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Spices exports from the country continue in the current fiscal. Foreign exchange realisations from spices export were up 23 per cent while rupee earnings grew 18 per cent even as total volumes were up by five per cent during April-January 2010-11.
Mint, chilli dominate
Mint and mint products constituted the biggest component in the export basket at over 25 per cent. Although the volume of mint and mint product exports registered a fall of 10 per cent during the period, smart recovery in unit value ensured that the total value realisations appreciated by 34 per cent.
This was followed by chilli exports, which constituted 22 per cent of the total value realisations. Chilli exports registered a growth both in terms of value and volume during the period.
Spice oils and oleoresins export was the third biggest component in the export basket at 13 per cent. While there was nominal growth in volume of spice oils and oleoresins exports, surge in unit value propelled value realisations by 21 per cent.
During April-January 2010-11 the country exported 4,33,455 tonnes (4,13,895 tonnes) of spices valued at Rs 5,485 crore (Rs 4,646 crore) fetching $1,203 million ($974 million) in foreign exchange. Export of chilly, ginger, fennel, garlic and other spices such as asafoetida and tamarind have shown an increase in both quantity and value.
Value-added products
The export of value-added products such as spice oils and oleoresins and curry powder/paste has also shown an increasing trend. However, in the case of pepper, large cardamom, turmeric and mint products the increase was in value terms only. Others such as small cardamom, coriander, cumin, celery, fenugreek, nutmeg and mace as well as some other seed spices have decreased both in volume and value.
Target hit
The export of spices during the period has already exceeded the target in terms of value, both in rupee and dollar terms. Against a spices export target of 4,65,000 tonnes valued at Rs 5,100 crore and projected foreign exchange earnings of $1,125 million for the year 2010-11, the achievement for the first 10 months has already touched 93 per cent in terms of quantity, 108 per cent in rupee value and 107 per cent in terms of dollar realisations.
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