Govt eyes $10 bn spices export in 10 years

The country has set a $10 billion target for spices exports in 10 years, Minister of State for Commerce Jairam Ramesh said here on Monday.

"We want to reach $10 billion exports turnover in 10 years. This is eminently feasible," Ramesh said inaugurating the Ninth World Spice Congress. India's spices exports are estimated at $875 million for 2007-08, he said.

This projection is 10.3 per cent higher than $793 million exports in 2006-07.

Among total spices exports, mint and mint products accounted for the highest at 27 per cent, followed by chillies at 19 per cent, and pepper at 13 per cent. India exported 373,750 tonnes of spices in 2006-07, up 6.7 per cent over the previous year.

The country holds a dominant position with a 40 per cent market share in global spice trade.

The minister, however, said India has lost considerable ground in the recent years to new entrants like Vietnam and Sri Lanka in pepper, and Guatemala in small cardamom.

He also said north eastern states could be developed into a hub for organic spices.