Bangladesh’s spice exports have seen a remarkable 25% increase in the first quarter of fiscal year 2023-24, driven by demand from expatriates and other Asian nations.
From July to September of the current fiscal year, Bangladesh generated $11.25 million from spice exports, as per the Export Promotion Bureau (EPB) data.
Although export earnings have been rising over the past three years, they haven’t reached the heights of 2020-21 when they hit $12.14 million, showing a 41% increase based on EPB data.
According to market experts, Bangladesh has yet to diversify its export destinations Despite its vast global market potential and a significant expatriate population.
Manufacturers cite the lack of facilities for sterilizing spices through irradiation as a major impediment.
Spice exports from Bangladesh currently consist of three types: whole, powdered, and mixtures.
The most sought-after spices include organic turmeric, red dried chilli, sesame (black, white, brown, and red), coriander seed, black cumin seed, sweet cumin seed, fenugreek seed, and fenugreek leaf.
Key export destinations encompass Saudi Arabia, Bahrain, Kuwait, Iraq, Oman, Qatar, the United Arab Emirates, the United States, Canada, and the European Union.
Square Food and Beverage Ltd regularly exports spice products to over 30 countries.
The Pran Group accounts for nearly 70% of the nation’s total spice exports, with other notable exporters being BD Foods Ltd, Alin Food Products Ltd, and ACI Foods Ltd.
In fiscal 2022-23, Bangladesh spent $417.30 million on spice imports while exporting spices worth $42.38 million.