Friday, February 8, 2008

Indian Spice Export Rising with $1 Billion Expected for 2007-08

by Phillip Horton

The spices of India were the main attraction for colonizers like the British, Portuguese and others and this has not yet ceased. According to the speculators in the spice trade, the Indian spice business is not only growing but also taking huge strides in the sector and its growth in the future is sure to touch new heights. These facts about the Indian spice industry were recently highlighted in the ninth World Spice Congress that was held in Goa. The event was inaugurated by Jairam Ramesh, Union Minister of State for Commerce. The event ran for three days with delegates not only from India, but also from around the world. There were delegates from as many as 36 countries which were 155 and also the conference saw 260 Indian delegates. The potential of the Indian spice industry is huge and this conference highlighted exactly that.

Indian has been exporting spices for quite a long time now but there was never such unprecedented growth in its spice export business. Experts who participated in the event said that the golden mark of $1 billion in India’s spice exports will be soon achieved for the year 2007-08. This fact was endorsed by none other than chairman of the Indian spices board, Mr. V J Kurien who was addressing the participants of the Ninth World Spice Congress. The chairman for the Indian spice board was highly optimistic since he not only said that the Indian spice export will touch the $1 billion mark but also will achieve another milestone in its spice export. The chairman said that in the next ten years the exports of the Indian spices will touch the figure of $10 billion. The chairman of the spices board attributed the success of the Indian spices export to the spice growers and the exporters who despite many challenges did not back up from their efforts.

Indeed seeing the current growth in the export of Indian spices, it is a great success story and allows India to stay in the world competition of the spice exports. The main purpose of organizing the conference was to show the world community the huge potential of the Indian spice industry and thus to attract more buyers. Kurein, the chairman of the Indian Spices board opined that the export growth of the Indian spice industry was phenomenal and it will continue to do so in the future as well. The export figures supplied by the chairman amply confirm the fact.

The spice export figures for the year 1997-97 and 2006-07 shows the phenomenal growth of the Indian spice industry. The growth in the spice exports during the ten years is not only a leap, but a quantum leap. The Indian spice export for the year 1996-97 was 2, 25,000 metric which was worth $350 million; in the year 2006-07 the spice exports touched the figure of 3,75,000 which was worth $800 million. Thus, these figures show the exponential growth of the Indian spice industry in a very short time.

 

 

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