look news india
Mumbai: India's exports worth $700 million to important markets are at risk as a result of regulatory measures being taken in foreign markets on the products of the country's two renowned spice manufacturers, according to a report.
There are reports that the US, Hong Kong, Singapore, Australia and Malaysia have raised questions on the quality of the products of India's two famous spice manufacturers.
According to a report by Global Trade Research Initiative (GTRI), India exported spices worth $69.25 million to these countries in fiscal year 2024. There is a possibility of decline in India's spice exports to these countries.
If China and Asian countries also start taking regulatory measures, the country's 51 percent global spice exports could be affected.
Not only this, European countries often return spice consignments from India due to quality issues, if any action is taken then the situation may worsen and 58% of the total spice exports will be at risk.
India exported spices worth $4.25 billion in the financial year 2023-24. India's share in global exports of spices is 12 percent. India's two largest spice makers have been banned after some products were found to contain more pesticides than permitted.
The report recommends that this issue needs to be addressed urgently and steps need to be taken to maintain the reputation that India has earned in the global spice market.
