Indian Spices Exports hit record 4cr in FY 22-23

Indian Spices Exports

 India is known for its diversity and variety of spices. India is ranked as the world's largest spices producer. For the financial year 2022-23, India's spices production crossed over 15 lakh tonnes of spices. These were mainly Turmeric, Cardamom, Chilli, Cumin, Black Pepper, etc.

The Indian spice industry has seen tremendous growth over the years. Various MSMEs from India had made a significant amount of imports and exports during the last few years. Majority of the Indian spices companies are situated in Kerala, Madhya Pradesh, Rajasthan, Tamil Nadu, Gujarat, Andhra Pradesh, Maharashtra, Telangana, Orissa, Assam, West Bengal and Uttar Pradesh.


Currently, the Indian spices market is extended to over 160+ countries. According to the India import export data records, Indian spices exports were 1800 crores during the financial year 2013-14. During the fiscal year 2022-23, the great love was shown by the global buyers. Indian spices exports figures were doubled in FY 2022-23.


As per India customs data reports, around 3.9 billion dollars worth spices exports were recorded. India export data shows the most prominent importers of Indian spices were Netherlands, Germany, United Arab Emirates, Bangladesh, Morocco and the United States.


In terms of imports, around 94 million dollars worth of spices were imported to India. It was among the 14th most imported goods by India. According to the India import data, the top spices exporters to India were Afghanistan, Vietnam, Nigeria, UAE and India.


Currently, India has raised its spice importers from Oman, Ethiopia and Nigeria. During the fiscal year 2022, Indian spices exports to Bangladesh, Iran and Djibouti have declined by a significant amount. India is facing stiff competition from China and the Netherlands.


Also, India is the leading exporter of spice seeds globally. Around 720 million dollars worth of spices were exported by India in the last year. The top markets for exports were China, Malaysia, United States, Bangladesh and Nepal. Whearas the imports were mostly from Vietnam, Afghanistan and Italy.


According to a case study, a Kerala based spices exporter expressed that there are certain issues faced by Indian spices companies. Some of these were identifying the global market demand, manufacturing, packaging, export-import duty, high interest rates by banks and finding frauds. Many exporters in India find these things as barriers to their global success.


Exim Trade Data, a market research company came up with an expert market intelligence system called Exim GTIS. This tool could help Indian exporters overcome the above issues. As it has over 200+ countries import export data on which companies can prepare successful marketing strategies. 


Companies can analyze data by product description, hs code, buyer, supplier, quantity, unit, price, country, port, etc. This would help Indian spices exporters find demand for Indian spices and access genuine importers details in the global market. Global import export data is the most economical market research tool that can help Indian spice exporters reduce fraud, risk and maximize their ROI. It could be an asset for Indian spice export companies to boost their exports to the international market.

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