Tamil Nadu spices up foreign trade

Chennai: India’s foreign trade is gaining in terms of spices exports, thanks to the weak currency. And Tamil Nadu, the land of spices, appears to contribute its bit in improving the national turnover.

During 2015-16, a total of 8,43,255 tonnes of spices and spice products valued Rs 16,238.23 crore (US$2482.83 Million) were exported from India. India’s spices exports registered an all time record of Rs 14,899.68 crore (US$ 2,432.85 million) in 2014-15 as against Rs 13,735.39 crore (US$ 2,267.67 million) in 2013-14, exporting a total of 8,93,920 tonnes of spices and spice products, registering a nine percent increase in volume and  eight percent in rupee terms and seven percent in dollar terms of value as compared to 8,17,250  tonnes valued at Rs 13,735.39 crore (US$ 2,267.67 million) exported in 2013-14.

Chilli, mint products, cumin, spice oils and oleoresins, pepper, turmeric, coriander, small cardamom, curry powder/paste and nutmeg and mace contributed substantially to the spice export basket as the demand for Indian spices scaled up phenomenally at the global level.

The total export of spices during 2014-15 exceeded the target of 7,55,000 tonnes valued at Rs 12,304.90 crore (US$ 2000 million) in terms of both volume and value for the financial year 2014 – 15, according to Spices Board, India.

Nearly 90 per cent of the spices produced in the country is being consumed within, an official said and claimed that the main reason cited for the downturn is a drop in global prices of spices, owing to increase in production in countries like Madagascar and Vietnam.

Tamil Nadu, among the spice growing states in India, is the third largest producer of pepper and Cardamom after Kerala and Karnataka and second largest producer of clove and nutmeg and mace after Kerala. Ginger, turmeric, chilli, cinnamon, Vanilla, pomegranate seed besides herbal spices are also produced in the state.