Spice exports income surpasses $500mn in FY06

Spice exports of during the last fiscal surpassed the $500 million mark in value terms for the first time in Indian spice trade.

Exports stood at Rs 2295.25 crore ($ 517.90 million), a growth of 4.3% in rupee terms and 5.6% in dollar terms over 2004-05,  V J Kurien, chairman of Spices Board, said.

For 2006-07, the board has set an export target of 3 lakh tonne of spices valued at Rs 2,400 crore, Kurien said.

However, exports decreased 4.5% in volume over the previous year. Volumes of total spice exports during 2005-06 were 3,20,527 tonne as against 3,35,488 tonne valued at Rs 2,200 crore during 2004-05.

In the spice export basket, spice oils, oleoresins, mint, mint products and curry powder together contributed a 50% share of the total value realisation.

During the year, the board earned Rs 575 crore foreign exchange from mint products exports and Rs 500 crore from spice oil and oleoresins exports, Kurien said.