Export of Spices: May has not been a good month for spice exports. A 20 percent decline in spice exports has been recorded annually. Last month, shipments from MDH and Everest to Hong Kong and Singapore were found to contain ethylene oxide (ETO) pesticide above acceptable levels. This is believed to be the main reason behind the decline in spice exports.
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Exports have decreased by 10 percent compared to April
Earlier March and April proved to be good months for spice companies. If seen on an annual basis, there was a growth of 51 percent in March and 12 percent in April. After a 20 percent decline, it came to $361.17 million. At the same time, if compared to April, the export of spices has decreased by 10 percent. Let us tell you that the total export in the month of April was 405.62 million dollars.
Indian spices are in demand all over the world
Spices are shipped all over the world from India. Total exports in FY 2023-24 were $4.25 billion. That will drop to $3.7 billion in 2022-23. India’s total share in global spice exports is 12 percent. Major exports from India are mostly chilli powder, cumin, turmeric, cardamom.
What do industry experts think?
A think tank associated with the spice industry believes that safety and quality concerns could affect exports. The Global Trade Research Initiative has said in its report that if Europe and China also cancel orders for Indian spices, it will have a negative impact.
The Indian Species Board said last month that some new technologies are being looked into so that it does not face any rejection in the future.