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The Indian spices have recorded a surge as the global markets and shipping problem has eased.
Photo Credit : Pic Courtesy: Pixabay
The Indian spices, which had previously been dropped close to 5 per cent in the first five months of FY23, have recorded a surge as the global markets and shipping problem has eased. Due to the rising demand, the trade has kept a target of 4.5 billion dollars exports in the financial year of 2023 from 4.13 billion dollars in the financial year of 2022. This is a record jump of 9 per cent.
Chilli, cumin, coriander, ground spices and mint are the major exportable spices of India.
Spice exports from India form 15-20 per cent of the total spice production of India. The remaining is consumed within the country. Annually, India produces 11 million tonnes of spices and exports it to China, Bangladesh, USA, Sri Lanka, Indonesia and Malaysia.
World Spice Organisation has adopted the strategy of working with farmers through Farmer Producer Organisations under the National Sustainable Spice Program, currently having about 50 FPOs covering around 20000 farmers.