Spices Exports Likely To Cross $1 Billion Mark

Kochi: The country's spices exports is likely to go past $1 billion mark in the current financial year and touch $10 billion by 2017, said the source. The US Food and Drugs Administration (FDA) is likely to open an office in India for ensuring the safety and quality of food items exported to the US. The board has planned to establish 10 such parks across the country in order to enhance the production of processed spices, oleoresins and oils. Of the world's total annual spice trade of 850,000 tonnes, India accounts for 44 per cent in quantity and 36 per cent in value. The share of spices is 6-7 per cent of India's total agricultural exports. Exports have shown a spectacular growth in 2006 -07 at 373,750 tonnes valued at Rs 3575.75 crore ($792.95 million). The quantity of spices exported has shown a compound annual growth rate (CAGR) of 9 per cent and the value realised has shown a CAGR of 14 per cent.