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Spices export surpasses board’s targets in fiscal 2011-12; crosses $2 billion mark

02 Jul 2012 Evaluate

The exports of spices from India expanded in value terms to $2.04 billion in the financial year that ended in March 2012, which is around 36 percent higher than the previous fiscal’s foreign exchange earnings of $1.5 billion from spices exports. The Spices Board had targeted to achieve Rs 6,500 crore ($1.45 billion) in foreign exchange revenue with a volume of 5 lakh tonnes in the last fiscal from export of spices.

According to the data released by the Spices Board of India, the volume of shipments in the 2011-12 fiscal climbed about 10 percent to 5.75 lakh tonnes as against 5.25 lakh tonnes in the 2010-11 financial year, while export earnings of spices in rupee terms rose by 43 percent to Rs 9,783.42 crore in 2011-12 fiscal as against Rs 6,840.70 crore in the year-ago period. The Spice Board’s numbers also underscored that the strong rise in the country’s spice exports was largely led by increase in value realization of spices, especially from mint products, chili, pepper and spice oils and oleoresins.

Notwithstanding a fall of 15 percent in its volume to 14,750 tonnes from 17,450 tonnes in the same period last year, export value of mint products surged by 31 percent to Rs 2,223.72 crore in 2011-12 fiscal from Rs 1,696.79 crore in the 2010-11 fiscal. Besides, chili exports jumped as much as 40 percent to Rs 2,144.08 crore last fiscal from Rs 1,535.54 crore in the year-ago period despite only a slight rise in the volumes to 2.41 lakh tonnes from 2.40 lakh tonnes in the reviewed period.

However, pepper garnered the highest amount of export earnings for India in the last fiscal as it shot up by a whopping 129 percent to Rs 878.13 crore from Rs 383.18 crore in the year-ago period. There was a sharp rise in the commodity’s volume of shipments as well, jumping around 42 percent to 26,700 tonnes from 18,850 tonnes in the same period. Moreover, the export earnings from spice oils & oleoresins rose by 43 percent to Rs 1,304.38 crore in 2011-12 compared to Rs 910.62 crore in 2010-11, while volumes declined by 4 percent to 7,265 tonnes from 7,600 tonnes in the same period.

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