Indian spices in great demand in post Covid 19 times; Exports up 34 %: ASSOCHAM

Sunday, July 19, 2020

New Delhi, July 18, 2020:
Prime Minister Mr NarendraModi's observation on increasing use of spices in the world, after outbreak of Coronavirus, is borne out by a huge rise in exports of Indian spices, by 34 per cent in rupee terms and 23 per cent in dollar terms in June this year, an ASSOCHAM dipstick study has shown.
 
Spices exports from India went up (by 23 per cent)  to USD 359 million in June, 2020 from USD 292 million in the same month last year, contrary to a decline of  12.41 per cent in the country's overall merchandise export basket during this period.
 
In domestic currency, thanks to forex advantage, spices exporters raked in even better realisations which rose (up 34 per cent)   to Rs 2721 crore in June, 2020   from Rs 2030 crore in the comparative  month a year ago, as per the official data. 
 
Pepper, cardamom, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, nutmeg, spice oils and oleoresins, and mint products are the major spices shipped abroad. Indian spices reach almost to the entire world while the main importers include the US, UK, Germany, France, Italy, Canada, Australia, UAE, Iran, Singapore, China and Bangladesh, among others. 
 
''The Prime Minister  noticed how demand for spices of which India is among the main producers, is increasing as more and more people rush to strengthen immunity. Thanks to the efforts of the Aayush Ministry and traditional knowledge about spices being a strong immunity builder, an increasing number of Indians are taking to higher consumption of spices. But the rising exports trend does show how the world is benefiting from these items, " said ASSOCHAM Secretary General Mr Deepak Sood.
 
The ASSOCHAM dipstick study also noticed how rising demand for spices in the domestic market even led to a sharp increase in their prices by almost 12 per cent in June,2020 whereas the headline CPI inflation was half that level.
 
''While the Aayush Ministry has been making commendable efforts to promote India's Traditional Knowledge, the Covid-19 pandemic is compelling us to go an extra mile to document evidence based benefits of our TKs , as per the WTO norms so that we are able to protect  and promote our treasure," Mr Sood said. 
 
 
About ASSOCHAM:
ASSOCHAM initiated its endeavour of value creation for Indian industry in 1920. It was established by promoter Chambers, representing all regions of India. Having in its fold over 400 Chambers and Trade Associations, and serving over 4.5 lakh members across India. ASSOCHAM has emerged as the fountainhead of Knowledge for Indian industry, which is all set to redefine the dynamics of growth and development in the Knowledge Based Economy. More information available on www.assocham.org
 
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