June 18th 2024.
India has emerged as a major player in the global spice trade, with the export of spices and spice products reaching an all-time high in the fiscal year 2023-24, totaling a whopping $4.46 billion. This remarkable growth can be attributed to the increase in both volume and prices of certain spices, such as pepper, cardamom, and turmeric.
According to the latest data from the Spices Board, under the Ministry of Commerce and Industry, India has exported a total of 15,39,692 tonnes of spices and spice products, valued at Rs 36,958.80 crore, during the fiscal year 2023-24. This is a significant milestone for the country and showcases the strength and competitiveness of its spice industry.
The red chilli exports, in particular, have seen a remarkable surge, hitting a record high of $1.5 billion in FY24. This is a 15% increase from the previous year's $1.3 billion, driven by a strong demand from China and Bangladesh. The data from the Spices Board indicates that the export volume of red chillies has also witnessed a 15% increase, with a total of 6.01 lakh tonnes exported in FY24, as compared to 5.24 lakh tonnes in the previous year.
In fact, red chilli exports accounted for about 34% of India's total spice exports, making it the top spice exported from the country. China emerged as the largest importer of Indian red chillies in FY24, purchasing over 1.79 lakh tonnes, worth Rs 4,123 crore. This is a significant 14% increase in volume and 21% increase in value from the previous fiscal year.
Another major importer of Indian red chillies was Bangladesh, with a whopping 67% increase in imports in FY24, reaching 90,570 tonnes as compared to 53,986 tonnes in the previous year. This is a testament to the growing recognition and preference for Indian spices in the international market.
Experts at Kedia Advisory have hailed this achievement, stating that India's red chilli exports have reached unprecedented heights in FY24, fueled by the rising demand from key importing nations. They also added that this surge in exports reflects the growing recognition and preference for Indian spices worldwide.
In conclusion, India's spice industry has shown tremendous growth and potential, with the export of spices and its products reaching an all-time high in the fiscal year 2023-24. This is a testament to the country's strong position in the global spice trade, and it is expected to continue to thrive in the years to come.
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