FNB News - Spice exports from India touched Rs 3,976.65 crore during Q1FY 2015-16

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SPICES

Spice exports from India touched Rs 3,976.65 crore during Q1FY 2015-16

Tuesday, 29 September, 2015, 08 : 00 AM [IST]

Our Bureau, Mumbai

Spice exports from India touched Rs 3,976.65 crore ($626.81 million) during the first quarter of the financial year 2015-16 as compared to Rs 3,059.74 crore ($511.22 million) in the corresponding period during 2014-15, registering a 30% increase.

With reference to the spices export target of Rs 14014.00 crore ( $2,260 million) set for the FY 2015-16, the country has achieved 28% of its full-year export target in the first quarter itself.

Garlic, pepper, small cardamom, fenugreek, nutmeg, fennel and spice oils and oleoresins contributed substantially to the spice export basket during April-June of the current fiscal.

During the first quarter of FY 2015-16 volume of 215,215 tonne was exported compared to 213,443 tonne of the corresponding period last year.

“The substantial increase in exports in Q1 is the result of market promotion activities by board to promote Indian spices globally,” stated Spices Board chairman Dr A Jayathilak.

Exports of pepper, known as the “King of Spices,” stood at Rs 635.9 crore in Q1, marking an increase of 201% compared to the first quarter of 2014-15. In terms of volume, pepper recorded a growth of 148% in April-June 2015-16 compared to the corresponding period last year to reach 10,750 tonne.

Around 3,725 tonne of spice oils and oleoresins worth Rs 564.65 crore were exported during April-June this financial year, recording an increase of 24% in terms of volume and 40% in terms of value from the same period last year.

Mint products (mint oils, menthol and menthol crystals) earned foreign exchange worth Rs 455 crore through exports of 4,250 tonne. 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 tonne during the period.

Fenugreek export reached a height of Rs 65,94 crore for volume of 10,500 tonne compared to Rs 27.26 crore for 5,922 tonne of the first quarter of FY 2014-15, registering an increase of 142% 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 cardamom has increased to Rs 1,833/kg from Rs 1,381/kg of Q1 of the previous year.

Exports of small cardamom touched Rs 91.69 crore, registering an increase of 142% from the first quarter of last year.

Comparing the first quarter of FY 2015-16 and FY 2014-16, garlic exports increased by 272% in terms of volume and 392% in terms of value. In 2015-16 Q1, the volume of garlic exports reached about 4,250 tonne fetching an amount of Rs 22.47 crore compared to 1,142 tonne of Q1 of previous year which earned Rs 4.56 crore.

The average rates of coriander, mustard, aniseed, and ajwain remained almost the same compared to the corresponding term of previous year.