The country has registered a record high in spice export during the last financial year (2009-10) by hitting Rs 55.60 billion mark as compared to Rs 53 billion during the previous year, in spite of worldwide slump.

In terms of volume, India exported 5, 02,750 tonnes against 4, 70,520 tonnes in the years under reference.

Mr. V J Kurien, Chairman, Spices Board stated, "We have had a total export of almost 5 00,000 tonnes compared to 470,000 tonnes last year. And the export in value terms has gone up to 1.17 billion dollars compared to 1.3 billion dollars previous year."

But, the company's board anticipates a further growth in the exports in the years to come.

"We have anticipated that the medicinal value of spices will be more utilized and explored in the years to come. In 2005-06, the exports were roughly 560 million dollars, which increased to 1.2 billion in 2009-10. We anticipate the increase to happen to 10 billion dollars in 2020 for which we anticipate that the medicinal value and the nutraceutical value of spices will be explored more and more research will be done into this stream," Mr. Kurien added.

In the export basket of spices and spice products, spice oils, which comprise mint products like mint oils, menthol crystals, and menthol powder contributed 34% of the total export income.

Chilli contributed 23% accompanied by cumin 10%, turmeric 7% and pepper 6%.

The Spices Board has placed an ambitious target of Rs 6000 crore for the coming year.

India is the biggest producer, exporter and consumer of spices allover the world.

It is the only country, which produces 75 varieties of spices out of the total of 105 spices the world over. (With Inputs from Agencies)