India has registered a 41% jump in its exports of spices and spice products during the first two months of the 2023-24 fiscal year. 

Rise In India’s Spice Exports 

During April-May 2023, exports of spices and spice products were worth Rs 6702.52 crore (USD 815.39 million) compared to Rs 4746.85 crore (USD 618.63 million) during the same period in the previous year, an increase of 41% in rupee terms and 32% in dollar terms of value. 

D Sathiyan, Secretary, Spices Board said that despite facing challenges such an increase in domestic prices of spices like chili and cumin and reduced/deferred demand due to the economic stress in some of the importing countries, the Indian spices sector, during FY 2022–23, has shown much resilience to put up an export performance on par with that of the previous year. 

“In fact, during 2022–23, India exported close to USD 4 billion worth of spices (Rs 31761.38 crore), registering an increase of 4.74 % in terms of rupee terms compared to 2021–22.” said Sathiyan. 

India’s Spice Exports 

The value of the spices exported in 2022–2023 is Rs 31,761.38 crore, up from Rs 30,324.32 crore in 2021–2022. 

Chili (33%), cumin (13%), spice oil and oleoresins (13%), mint products (11%), turmeric (5%), curry powder (4%), cardamom (small) (3%), and pepper (2%) were the major contributors to the spice export basket in terms of value, accounting for more than 80% of total spice export earnings. 

During 2022-23, the top importers of Indian spices were China (20%), the United States (14%), Bangladesh (7%), the United Arab Emirates (6%), Thailand (5%), Indonesia (4%), Malaysia (4%), the United Kingdom (3%), Sri Lanka (3%), Germany (2%), the Netherlands (2%), Nepal (2%), and Saudi Arabia (2%), accounting for more than 70% of total spice export earnings. Seven of the top 11 destinations saw an increase in exports during FY 2022–2023 according to an official statement. 

If you are a spices importer wishing to buy spices in bulk or a spice exporter willing to export bulk spices, then Tradologie.com is the right platform for you. 

Tradologie is a transaction oriented platform that facilitates bulk agro-commodities trade completely from enquiry-to-delivery in a digital manner. The best quality and inspected commodities can be procured at prices which can be directly negotiated with the sellers, thereby giving more margins for both sellers and buyers along with the end consumers, reducing the overall cost of trade. This platform hence grants sellers better access to new global buyers, increasing their overall business orders and profits, as there are no middlemen involved in the trade here. 

To register as a buyer, click here. To register as a seller, click here. 

To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.