India has set a record for the export of spices and its products in the financial year 2023-24. Spice exports reached a record $ 4.46 billion, the highest ever. With this, India has become a major player in global trade. This increase was seen due to a jump in volume and higher prices for some varieties like black pepper, cardamom and turmeric. According to the latest data of the Spices Board under the Ministry of Commerce and Industry, the export of spices / spice products from the country during the financial year 2023-24 stood at 15,39,692 tonnes worth Rs 36,958.80 crore ($ 4.46 billion), IANS reported.
Red chilli exports up 15%
According to the news, red chilli exports reached a record $1.5 billion in FY24, up 15 per cent from $1.3 billion last year, driven by strong demand from China and Bangladesh. According to Spices Board data, red chilli export volumes in FY24 grew 15 per cent to 6.01 lakh tonnes from 5.24 lakh tonnes last year. Red chilli exports worth $1.5 billion account for about 34 per cent of India’s total spice exports.
China is the top importer of Indian red chillies
According to Kedia Advisory, China was the top importer of Indian red chilli in FY24, buying over 1.79 lakh tonnes worth Rs 4,123 crore. This represents a growth of 14 per cent in volume and 21 per cent in value from 1.57 lakh tonnes worth Rs 3,408 crore in FY23. Chilli exports to Bangladesh grew 67 per cent to 90,570 tonnes in FY24 from 53,986 tonnes in the previous year.
Kedia Advisory said India’s red chilli exports have reached unprecedented heights in FY24, driven by rising demand from major importing countries. The growth in exports, especially to China and Bangladesh, reflects the growing recognition and preference for Indian spices across the world.
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