Indian Spices Exports Post Solid 23 Per Cent Jump In June 2020 Over Same Period Last Year

In a positive development, India's spices exports registered a robust 23 per cent jump in June over the same month last year, rising from $292 million to $359 million, reports Economic Times.

In domestic currency terms, the spices exporters have been said to have benefited even better owing to foreign exchange advantage. In Rupee terms, the exports registered a solid 34 per cent jump, from Rs 2,030 crore in June last year to Rs 2,721 crore.

Indian spices were exported to almost the entire world, with main importing nations being the United States (US), the United Kingdom (UK), Germany, France, Italy, Canada, Australia, UAE, Iran, Singapore, China and Bangladesh.

This comes as a soothing touch, given the overall exports out of India in June declined from $25.01 billion last year to $21.91 billion. In Rupee terms, the exports declined from Rs 1,73,682.55 crore to Rs 1,65,898.85 crore.

The development has been shared in a study conducted by the industry body Assocham.

The study also shared that the rising demand for spices in the domestic market has also led to about 12 per cent uptick in their prices in June while the headline inflation CPI was recorded at about half that level.