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Spices Exports Cross $2 Billion In 2011-12 Fiscal

NEW DELHI: India's spices exports rose by 36 per cent to USD 2.04 billion in value terms in 2011-12 fiscal on account of increase in value realisation of spices, especially chilli and pepper.

In the previous fiscal, the country had earned foreign exchange of USD 1.5 billion from spices exports, according to the latest data released by the Spices Board of India.

The volume of shipments in the last fiscal rose by almost 10 per cent to 5.75 lakh tonnes from 5.25 lakh tonnes in the 2010-11 financial years.

The earnings from export of spices in rupee terms rose by 43 per cent to Rs 9,783.42 crore in 2011-12 fiscal as against Rs 6,840.70 crore in the year-ago period.

The Spices Board had set a target of earning forex revenue of Rs 6,500 crore (USD 1.45 billion) with a volume of 5 lakh tonnes in the last fiscal from export of spices.

Spices export earnings rose mainly on the back of increased realisation from mint products, chilli, pepper and spice oils & oleoresins.

The export value of mint products rose by 31 per cent to Rs 2,223.72 crore in 2011-12 fiscal from Rs 1,696.79 crore in the 2010-11 fiscal, despite a decline of 15 per cent in its volume to 14,750 tonnes from 17,450 tonnes in the same period.

The unit value of mint produced rose to Rs 1,507.61 per kg last fiscal from Rs 972 per kg in 2010-11 fiscal. 

 In the case of chilli, export earnings rose by 40 per cent to Rs 2,144.08 crore last fiscal from Rs 1,535.54 crore in the year-ago period. There was a marginal increase in the volumes to 2.41 lakh tonnes from 2.40 lakh tonnes in the reviewed period.

Similarly, unit value of chilli increased to Rs 88.97 per kg as 2011-12 against Rs 63.98 per kg in 2010-11.

The earnings from export of spice oils & oleoresins rose by 43 per cent to Rs 1,304.38 crore in 2011-12 compared to Rs 910.62 crore in 2010-11, while volumes declined by 4 per cent to 7,265 tonnes from 7,600 tonnes in the same period.

The unit value of spice oils & oleoresins, used in food and cosmetics, rose to Rs 1,795.43 per kg in 2011-12 from Rs 1,198.19 per kg in 2010-11.

Pepper export earnings rose by a whopping 129 per cent to Rs 878.13 crore in the last fiscal from Rs 383.18 crore in the year-ago period, while volume of shipments rose by 42 per cent to 26,700 tonnes from 18,850 tonnes in the same period.

The unit value of pepper rose to Rs 328.89 per kg in 2011-12 as against Rs 203.28 per kg in 2010-11.

Source: The Economic Times

Government Cuts Import Tariff Value Of Gold & Silver

The government today slashed import tariff value of gold to $507 per 10 grams and of silver to $871 a kg following fall in global prices of the precious metals.

The tariff value, which is released fortnightly, is the base price on which the customs duty is determined to prevent under-invoicing. Earlier, the tariff value of gold stood at USD 524 per 10 grams and silver at USD 938 a kg.

The Central Board of Excise and Customs (CBEC) issued a notification today in this regard, an official release said.

After crude oil, gold is the most imported commodity in India in terms of value. At present, import duty on gold and silver stands at 4 per cent and 6 per cent of the value, respectively.

In global markets, gold fell to the lowest level in almost four weeks amid signs of slowing US growth and strengthening of dollar on speculation that European Union leaders will struggle to solve the debt crisis, silver slumped to the lowest level in 19 months.

In New York, gold dropped 1.8 per cent to USD 1,550.40 an ounce, the largest decline since June 21. Silver also shed 2.6 per cent to USD 26.10 an ounce, the lowest since November 18, 2010.

India, the world's biggest consumer of gold, imported 967 tonnes of gold in 2011.

Source: The Economic Times

Punjab Exporting Wheat To Pakistan

The Union government, in principle, has agreed to export wheat to Pakistan. The empowered group of ministers on food has asked the Punjab government to work out a proposal for exporting wheat to Pakistan through the Integrated Check Post (ICP) on the Attari border.

The decision came after the Punjab government sought the commerce ministry's permission to export wheat from its choked warehouses to Pakistan.

"We are facing a wheat glut here with no more space to store grains. We have asked the Union government to allow us to export wheat directly. We are waiting for the Union government's decision," said Punjab food and civil supplies secretary DS Grewal.

Wheat procurement in Punjab has touched an all-time high of 128 lakh tonne forcing the state government to press for exports from Punjab-based central warehouses. "We have a stock of around 165 lakh tonne of wheat. We need to move the grain fast to create storage space," he said.

Punjab deputy chief minister Sukhbir Singh Badal has been demanding that shipments be allowed to Pakistan and other CIS countries through Attari. "If we can allow exports of sugar and cotton, why the Union government can't take a bold step of allowing wheat exports through the land route," he had said in a public meeting.

Source: The Economic Times