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India's spice exports hit record high

Date: 29-06-2012
Subject: India's spice exports hit record high
India's spice exports in the financial year 2012 rose 9 percent and touched an all-time high of 575,270 tonnes on higher demand for cardamom, turmeric, pepper and cumin seed, the Spices Board of India said in a statement on Thursday.

India exports its spices, which also include coriander, mint and garlic, to over 140 countries including the United States. Exports were worth over $2 billion.

During April-March 2012, exports of small cardamom jumped 310 percent to 4,650 tonnes while pepper sales rose 42 percent to 26,700 tonnes.

India is the third-largest pepper producer in the world after Vietnam and Indonesia. The Spices Board had targeted total exports of 500,000 tonnes.

Turmeric shipments jumped 61 percent to 79,500 tonnes and cumin seed 40 percent to 45,500 tonnes. High prices have triggered bumper harvests of turmeric in the last two years, leading to record exports.

Total spices exports in March rose more than 26 percent over a year ago to 74,125 tonnes, the statement showed.

"Overseas sales of Indian jeera (cumin) rose because of higher availibility on the back of increased output and competitive prices in the global market," said Faiyaz Hudani, senior analyst at Kotak Commodities.

However, disruption in supplies from Syria due to the conflict there and lower output in Turkey also hit supplies in the global market, two analysts said.

Indian spices were shipped to 143 countries in the financial year 2012 as compared with 137 countries a year ago.

The United Arab Emirates, Malaysia, Sri Lanka and the United States were the top four buyers in the fiscal year 2011/12.

However, exports of coriander, garlic and mint products fell during the period.

Coriander exports dropped to 28,100 tonnes from 40,500 tonnes a year ago.

Demand for Indian-origin coriander was down because of lower oil content as compared with other producers such as Romania and Bulgaria, said Hudani.

Higher oil content coriander is used in mouth washes, massage oils and lotions.

Source : in.reuters.com

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