GROWTH OF INDIAN EXPORT AND IMPORT OF SPICES

This paper attempts to know the growth of Indian export and importing spices, The data of export and import for 8 years from the year 2005-06 to 2012-13 of major spices such as Cumin, Ginger, Fenugreek, Chilli, Cardamom, Curry powder, Coriander, Turmeric, Oil & Oleoresins, Garlic & Mint products for analysis. Compound Annual Growth Rate tool is used to analyse the statistical data. India is known as the home of spices and boasts of a long history of trading with the ancient civilisations of Rome and China. Today, Indian spices are the most sought-after globally, given their exquisite aroma, texture and taste. India has the largest domestic market for spices in the world. India is the world's largest producer and exporter of spices of the 109 varieties listed by the International Organization for Standardization (ISO), as the country produces and exports about 75 varieties of spices. The agriculture and food processing sector plays an instrumental role in augmenting the growth of the economy, as it is an important source of raw material for the industrial sector.