New Delhi, Jun 18 (IANS): The export of spices and its products reached an all-time high in FY 2023-24 at a record $4.46 billion making India a key player in the global trade.

The growth was seen owing to a rebound in volumes and higher prices for certain varieties such as pepper, cardamom and turmeric.

According to the latest data by the Spices Board under the Ministry of Commerce and Industry, the export of spices/spice products from the country has been 15,39,692 tonnes valued at Rs 36,958.80 crore ($4.46 billion) during FY 2023-24.

The red chilli exports hit a record $1.5 billion in FY24, a 15 per cent increase from the previous year's $1.3 billion which is driven by robust demand from China and Bangladesh.

According to Spices Board data, red chilli export volume increased by 15 per cent in FY24 to 6.01 lakh tonnes from 5.24 lakh tonnes the previous year.

Red chilli exports, worth $1.5 billion, comprised about 34 per cent of India's total spices exports.

China was the top importer of Indian red chillies in FY24, purchasing over 1.79 lakh tonnes valued at Rs 4,123 crore, according to Kedia Advisory.

This represents a 14 per cent increase in volume and a 21 per cent increase in value from 1.57 lakh tonnes worth Rs 3,408 crore in FY23.

Chilli exports to Bangladesh jumped by 67 per cent in FY24, reaching 90,570 tonnes, up from 53,986 tonnes the previous year.

“India's red chilli exports have reached unprecedented heights in FY24, fueled by escalating demand from key importing nations. The surge in exports, especially to China and Bangladesh, reflects the growing recognition and preference for Indian spices worldwide,” Kedia Advisory said.