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India Seeks New Spice Markets Beyond US
24 Nov
Summary
- Indian spice exporters are targeting Russia and Africa for new markets.
- This diversification aims to reduce dependence on the US and China.
- The US currently accounts for 15-16% of India's total spice exports.
Indian spice exporters are actively pursuing new global destinations, such as Russia and Africa, to diversify their market base. This strategic initiative aims to reduce the vulnerability associated with an over-dependence on a few major markets, particularly the United States and China. The current reliance on these dominant trading partners presents a significant risk to the industry's stability.
The United States currently represents a substantial share, accounting for 15-16% of India's total spice exports. By exploring alternative markets in regions like Africa and Southeast Asia, Indian exporters hope to build a more robust and less volatile trade environment for their products.
This proactive approach by organizations like the World Spices Organisation (WSO) underscores a commitment to long-term growth and stability in the global spice trade. The goal is to create a more balanced export portfolio, ensuring sustained market access and reduced exposure to geopolitical or economic shocks from any single nation.
