June price of spices up by 12%
Exports of Indian spices rose by 34% in rupee terms and 23% in dollar terms in June this year, an #ASSOCHAM dipstick study has shown following a huge increase in the use of spices worldwide.
Exports of spices went up by 23% to US$359 million in June 2020 from US$292 million in the same month last year, contrary to a decline of 12.41% in the country’s overall merchandise export basket during this period.
In domestic currency, thanks to forex advantage, exports of spices raked in even better, up 34% on the year Rs.2,721 crore in June 2020 from Rs.2,030 crore in the comparative month a year ago.
Indian #Pepper, #cardamom, #ginger, #turmeric, #coriander, #cumin, #celery, #fennel, #fenugreek, #nutmeg, #spice #oils and #oleoresins, and #mint products are the major spices shipped almost to the entire world while the main markets include the #US, #UK, #Germany, #France, #Italy, #Canada, #Australia, #UAE, #Iran, #Singapore, #China and #Bangladesh.
The demand was driven the spices strengthen immunity against COVID-19. An increasing number of Indians are also taking to higher consumption of spices for this reason, according to ASSOCHAM Secretary General Deepak #Sood.
Prices of spices rose by almost 12% in June on rising domestic demand, according to the study.
He noted Aayush Ministry’s efforts to promote India’s Traditional Knowledge on spices.
The COVID-19 pandemic is “compelling us to go the extra mile to document evidence-based benefits of our Traditional Knowledge as per the #WTO norms so that we are able to protect and promote our treasure,” said Sood on the release of a study on 19 July 2020. #exports #spices #imports #markets #COVID-19 #trade /fiinews.com
