Trade Sector Updates – Falling Exports, TIES, MEIS, Foreign Trade Policy, etc.

Spices Board targets exports of $25 billion by 2047

Prelims Only | Economics | Mains Paper 3: Agriculture and related issues
Note4Students

From UPSC perspective, the following things are important :

Prelims level: Spices Board of India, Spices traded by India

Why in the News?

  • The Spices Board of India aims to achieve $25 billion in annual exports of spices and spice-based products by 2047, a significant increase from the current $4.4 billion.
    • Current consumption is 10 million tonnes, with 1.42 million tonnes exported annually. By 2047, the export target is 2.7 million tonnes.

About Spices Board of India

  • The merger of the erstwhile Cardamom Board and Spices Export Promotion Council on 26th February 1987, under the Spices Board Act 1986 led to the formation of the Spice Board of India.
  • The Board functions as an International link between the Indian exporters and the importers abroad with a nodal Ministry of Commerce & Industry.
  • It is headed by a Chairman, a rank equivalent to Joint Secretary to the GoI.
  • Headquartered in Kochi, it has regional laboratories in Mumbai, Chennai, Delhi, Tuticorin, Kandla and Guntur.
  • Main Functions:
    • It promotes organic production, processing, and certification of spices.
    • Responsible for the overall development of Cardamom.
    • It focuses on post-harvest improvement programs to improve the quality of the 52 scheduled spices for export.
    • These programs are included under the head ‘Export Oriented Production’.

Present Scenario of Spices  

  • Production:
    • Major producing states: Madhya Pradesh, Rajasthan, Gujarat, Andhra Pradesh, Telangana, Karnataka, Maharashtra, Assam, Orissa, Uttar Pradesh, West Bengal, Tamil Nadu, and Kerala.
    • During 2022-23, the export of spices from India stood at US$ 3.73 billion, up from US$ 3.46 billion in 2021-22.
    • India produces about 75 of the 109 varieties listed by the International Organization for Standardization (ISO).
  • Major Produced and Exported Spices by India:
    • Pepper, cardamom, chili, ginger, turmeric, coriander, cumin, celery, fennel, fenugreek, garlic, nutmeg & mace, curry powder, spice oils, and oleoresins.
    • Out of these spices, chili, cumin, turmeric, ginger, and coriander make up about 76% of the total production.
    • Chilli is the leading export earner, generating $1.1 billion annually.
    • Ginger exports have a compound annual growth rate (CAGR) of 27%.
  • Export:
    • In 2023-24, India’s spice exports totalled $4.25 billion, accounting for a 12% share of the global spice exports (till February 2024 data).
    • India exported spices and spice products to 159 destinations worldwide as of 2023-24. The top destinations were China, the USA, Bangladesh, the UAE, Thailand, Malaysia, Indonesia, the UK, and Sri Lanka. These countries accounted for more than 70% of total exports.

 

PYQ:

[2019] Among the agricultural commodities imported by India, which one of the following accounts for the highest imports in terms of value in the last five years?

(a) Spices

(b) Fresh fruits

(c) Pulses

(d) Vegetable oils

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