Export market affected by the prices of Spices
The prices of species drop-down unexpectedly and export demand rose in one month of time. This year when the crop is going to be harvested in the month of December and the prices fall. India is dealing with the problem of negative trade growth in which the import is greater than the export and the government is taking so many initiatives to enhance the export and the species is one of the largest export sectors in India and now the export of species has also bloomed. The two species which bloom the business of export are cardamom and black pepper, both the species are majorly in demand. Most of the Arab and European countries are demanding these species and after the fall in prices, the demand has increased rapidly.
India primarily exports pepper, chili, turmeric, ginger, cardamom, coriander, cumin, fennel, fenugreek, celery, nutmeg and mace garlic, tamarind and vanilla. Processed spices such as spice oils and oleoresins, mint products, curry powder, spice powders, blends, and seasonings are also exported. .This year the cardamom crop has been affected because of the drought and but still, the prices dropped and help the exporters to get more orders of the products. The export of cardamom has increased three times from the last year and they are all set to break the records at the end of this year.
The Spices Board of India works towards the development and worldwide promotion of Indian spices. It provides quality control and certification, registers exporters, documents trade information and provides inputs to the Central Government on policy matters. It participates in major international fairs and food exhibitions to promote Indian spices, apart from organizing various domestic events.
India is known as the home of spices and boasts of a long history of trading with the ancient civilizations of Rome and China. Today, Indian spices are the most sought-after globally, given their exquisite aroma, texture and taste. India has the largest domestic market for spices in the world. India is the world’s largest producer and exporter of spices of the 109 varieties listed by the International Organization for Standardization (ISO), as the country produces and exports about 75 varieties of spices.
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