Increasing use of spices in the world, after outbreak of Coronavirus, is borne out by a huge rise in exports of Indian spices, by 34 percent in rupee terms and 23 percent in dollar terms in June this year, an ASSOCHAM dipstick study has shown.
Spices exports from India went up by 23 percent to USD 359 million in June, 2020 from USD 292 million in the same month last year, contrary to a decline of 12.41 percent in the country’s overall merchandise export basket during this period.
In domestic currency, thanks to forex advantage, spices exporters raked in even better realisations which rose up 34 percent to Rs 2721 crore in June, 2020 from Rs 2030 crore in the comparative month a year ago, as per the official data.
Pepper, cardamom, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, nutmeg, spice oils and oleoresins, and mint products are the major spices shipped abroad. Indian spices reach almost to the entire world while the main importers include the United States, United Kingdom, Germany, France, Italy, Canada, Australia, United Arab Emirates, Iran, Singapore, China and Bangladesh, among others.
“Thanks to the efforts of the Ayush 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 Deepak Sood.
The ASSOCHAM study also noticed how rising demand for spices in the domestic market even led to a sharp increase in their prices by almost 12 percent in June, 2020 whereas the headline CPI inflation was half that level.
“While the Aayush Ministry has been making commendable efforts to promote India’s traditional knowledge, the Covid-19 pandemic is compelling us to go an extra mile to document evidence based benefits of our TKs , as per the WTO norms so that we are able to protect and promote our treasure,” Sood said.