IBEF: July 21, 2020
In the month of June 2020, India's spices exports increased by 23 per cent to Rs 2,690 crore (US$ 359 million) from Rs 2,190 crore (US$ 292 million) in the same month last year, as per the data by Assocham. A study done by the chamber also pointed out that the demand for spices is increasing in domestic market leading to a sharp increase in their prices by almost 12 per cent in June whereas the headline CPI inflation was half that level.
On the back of forex advantages, spices exporters raked in even better in domestic currency, with an increase by 34 per cent to Rs 2,721 crore (US$ 386.01 million) in June 2020 from Rs 2,030 crore (US$ 288 million) in the comparative month a year ago, the industry chamber said quoting official data.
In June 2020, the country's exports stood at US$ 21.91 billion, as compared to US$ 25.01 billion in June 2019, exhibiting a contraction of 12.41 per cent, as per the data released by the Commerce Ministry showed.
India mainly export pepper, cardamom, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, nutmeg, spice oils and mint products. The main importers include the US, UK, Germany, France, Italy, Canada, Australia, UAE, Iran, Singapore, China, and Bangladesh, among others.
"The Prime Minister noticed how demand for spices of which India is among the main producers, is increasing as more and more people rush to strengthen immunity. Thanks to the efforts of the Aayush Ministry and traditional knowledge about spices being a strong immunity builder, an increasing number of Indians are taking to higher consumption of spices. But the rising exports trend does show how the world is benefiting from these items," said Assocham Secretary General Mr Deepak Sood.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.