 "Spices' export value rises 30 %")
With reference to the spices export target of Rs 14,014 crore ( $2,260 million) for the FY16, the achievement is 28 percent of its full-year export target in the first quarter itself.
During 2014-15, a total of 893,920 tonnes, valued Rs 14,899.68 crore ($2,432.85 million) had been exported as against 817,250 tonnes valued at Rs 13,735.39 crore ($2,267.67 Million) in 2013-14, registering an increase of 9 per cent in volume and 8 per cent in rupee terms and 7 per cent in dollar terms of value.
"The substantial increase in exports in Q1 is the result of market promotion activities by the Board to promote Indian Spices globally," Spices Board Chairman A Jayathilak said.
Yet the almost static pattern of the volume causing concern as other South Asian countries are emerging as big destinations for spices. This , being a big threat to India, should be considered seriously, spices exporters opined. Gulshan John, president, All India Spices Exporters Forum told Business Standard that the higher prices in India, as compared to other origins, makes the difference between India and other South East Asian countries. "Hence, volume wise India' s performance is likely to be poor in this fiscal. We had expected a very big show by the beginning of this year, but it short lived because of high prices," he said.
Productivity is the biggest concern to India as other countries, especially China and Vietnam, are concentrating on enhancing productivity.
Garlic, pepper, small cardamom, fenugreek, nutmeg, fennel and spice oils and oleoresins contributed substantially to the spice export basket, according to Spices Board.
More From This Section
Exports of pepper, stood at Rs 635.9 crore in Q1, marking an increase of 201 percent compared to the first quarter of 2014-15. In terms of volume, pepper recorded a growth of 148 percent in April-June 2015-16 compared to the corresponding period last year to reach 10,750 tonnes.
Around 3,725 tonnes of spice oils and oleoresins worth Rs 564.65 crore were exported recording an increase of 24 per cent in terms of volume and 40 per cent in terms of value from the same period last year.
John added that in the case of value-added items India is well placed. "Still, volume-wise substantial rise cannot be expected. Economic crisis in Europe also affected the export volume, EU is importing a major chunk of the spices basket from India," he added.
Mint products (mint oils, menthol and menthol crystals) earned foreign exchange worth Rs 455 crore through exports of 4,250 tonnes. The cumin with exports accounted to about Rs 430.8 crore during the first quarter.
Turmeric made remarkable strides in export earnings by fetching Rs 238.4 crore through shipment of 24,500 tonnes during the period.
Fenugreek export reached a height of Rs 65,94 crore for volume of 10,500 tonnes compared to Rs 27.26 crore for 5,922 tonnes of the first quarter of FY 2014-15, registering an increase of 142 per cent in terms of value .
Export value of nutmeg and mace reached Rs 38.72 crore during April-June of the current financial year as against Rs 24.77 crore during the corresponding period of FY2014-15.
During Q1 of 2015-16, the average rate of large cardmom have increased to Rs1833/Kg from Rs 1381/Kg of Q1 of the previous year.
Exports of small cardamom touched Rs 91.69 crore, registering an increase of 142 per cent from the first quarter of last year.
Comparing the first quarter of FY16 and FY15, garlic exports increased 272 per cent in terms of volume and 392 per cent in terms of value. In Q1FY16, the volume of garlic exports reached about 4,250 tonnes, which fetched an amount of Rs 22.47 crores compared to 1,142 tonnes of Q1 of previous year that earned Rs 4.56 crores.