India's spice exports cross Rs 50 bn mark

In a record achievement despite the global economic recession, spice exports from India clocked $11.68 billion -- an all-time high -- in 2008-09.

About 4,70,520 tonnes were exported and in dollar terms the value fetched was $11.68 billion (Rs 5,300.25 crore), Spices Board chairman V J Kurien told reporters in Kochi.

During the previous fiscal, 444,250 tonnes valued at $11.01 billion (Rs 4,435.50 crore) were exported.

The spice exports during 2008-09 is an all time high both in terms of volume and value. Compared to last year, the export had shown an increase of 19 per cent in rupee value and six per cent in quantity. In dollar terms, the increase is six per cent, he said.

The export had also exceeded the target in terms of volume, rupee value and dollar terms of value. The export target for 2008-09 was 4,25,000 tonnes valued at Rs 4,350 crore ($1,025 million) for the year 2008-09, he said.

However, anticipating a deceleration in exports because of recession, Kurien said the board was projecting exports worth Rs 4,500 crore (Rs 45 billion) only in 2009-10.

Already there has been a dip in volume of 20-25 per cent to all countries, he said adding the 6-7 months inventory level has been reduced to one month now. The exports to the European Union have also dwindled to a large extent.

The United States continues to be the singlest largest exporter from India (21 per cent), Malaysia (seven per cent), UAE (six per cent) and UK (five per cent).