IDEAS home Printed from https://ideas.repec.org/a/kap/jincot/v25y2025i1d10.1007_s10842-025-00449-6.html
   My bibliography  Save this article

Do the Macroeconomic Determinants of Export Destinations Matter? The Case of Indian Black Pepper

Author

Listed:
  • Raksha Jain

    (Manipal Academy of Higher Education)

  • Geetha Elangovan

    (Manipal Academy of Higher Education)

  • Kishore Lakshminarayanan

    (Manipal Academy of Higher Education)

Abstract

Black pepper, often referred to as ‘black gold’ and ‘king of spices’, is a highly sought-after spice worldwide. Global demand for the product has surged significantly due to its various beneficial properties. Although India remains a major producer and exporter of black pepper, its share in the global spice market has declined. Understanding the macroeconomic factors influencing this trend is crucial for competing in the international market. Therefore, this paper focuses on analyzing the export performance of Indian black pepper and examining the influence of key macroeconomic factors from the perspective of its major export destinations. The study employs secondary data for 34 years, from 1988 to 2021. The study considers major macroeconomic variables such as exchange rate, gross domestic product (GDP), interest rate, inflation rate, tariff rate, and world crude oil price. The ranking method has been adopted to identify the top export destinations of Indian black pepper exports; further, the export sales growth and country-wise spread of Indian pepper exports have been checked to assess the export performance. The panel regression analysis has been adopted to examine the influence of selected macroeconomic factors of major exporting destinations on Indian black pepper exports.

Suggested Citation

  • Raksha Jain & Geetha Elangovan & Kishore Lakshminarayanan, 2025. "Do the Macroeconomic Determinants of Export Destinations Matter? The Case of Indian Black Pepper," Journal of Industry, Competition and Trade, Springer, vol. 25(1), pages 1-21, December.
    • Handle: RePEc:kap:jincot:v:25:y:2025:i:1:d:10.1007_s10842-025-00449-6
    DOI: 10.1007/s10842-025-00449-6
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s10842-025-00449-6
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s10842-025-00449-6?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Robert B. Barsky & Lutz Kilian, 2004. "Oil and the Macroeconomy Since the 1970s," Journal of Economic Perspectives, American Economic Association, vol. 18(4), pages 115-134, Fall.
    2. Chaudhry, Azam & Bukhari, Syed Kalim Hyder, 2013. "A structural VAR analysis of the impact of macroeconomic shocks on Pakistan's textile exports," Economic Modelling, Elsevier, vol. 32(C), pages 302-315.
    3. Carmen Díaz-Mora & Rosario Gandoy & Belén González-Díaz, 2018. "Looking into global value chains: influence of foreign services on export performance," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(4), pages 785-814, November.
    4. Emine KILAVUZ & Bet l ALTAY TOPCU, 2012. "Export and Economic Growth in the Case of the Manufacturing Industry: Panel Data Analysis of Developing Countries," International Journal of Economics and Financial Issues, Econjournals, vol. 2(2), pages 201-215.
    5. Brun, Martin & Gambetta, Juan Pedro & Varela, Gonzalo J., 2022. "Why do exports react less to real exchange rate depreciations than to appreciations? Evidence from Pakistan," Journal of Asian Economics, Elsevier, vol. 81(C).
    6. Ambya Ambya & Lies Maria Hamzah, 2022. "Indonesian Coal Exports: Dynamic Panel Analysis Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 390-395.
    7. Ederer, Stefan & Reschenhofer, Peter, 2018. "Macroeconomic imbalances and structural change in the EMU," Structural Change and Economic Dynamics, Elsevier, vol. 46(C), pages 59-69.
    8. Samia Nasreen, 2011. "Export-Growth Linkages In Selected Asian Developing Countries: Evidence From Panel Data Analysis," Asian Journal of Empirical Research, Asian Economic and Social Society, vol. 1(1), pages 1-13, September.
    9. Peter Ferderer, J., 1996. "Oil price volatility and the macroeconomy," Journal of Macroeconomics, Elsevier, vol. 18(1), pages 1-26.
    10. Jordan Shan & Fiona Sun, 1998. "On the export-led growth hypothesis: the econometric evidence from China," Applied Economics, Taylor & Francis Journals, vol. 30(8), pages 1055-1065.
    11. Tyler, William G., 1981. "Growth and export expansion in developing countries : Some empirical evidence," Journal of Development Economics, Elsevier, vol. 9(1), pages 121-130, August.
    12. Satyendra Nath Chakrabartty & Deepankar Sinha, 2022. "A Single Measure of Overall Export Performance," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 16(3-4), pages 278-308, August.
    13. Hamilton, James D, 1983. "Oil and the Macroeconomy since World War II," Journal of Political Economy, University of Chicago Press, vol. 91(2), pages 228-248, April.
    14. Alessandro Olper & Valentina Raimondi, 2008. "Explaining National Border Effects in the QUAD Food Trade," Journal of Agricultural Economics, Wiley Blackwell, vol. 59(3), pages 436-462, September.
    15. Edinaldo Tebaldi, 2011. "The Determinants of High-Technology Exports: A Panel Data Analysis," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 39(4), pages 343-353, December.
    16. Nasim Shah Shirazi & Turkhan Ali Abdul Manap, 2005. "Export-Led Growth Hypothesis: Further Econometric Evidence From South Asia," The Developing Economies, Institute of Developing Economies, vol. 43(4), pages 472-488, December.
    17. Teshager Mazengia & Misikir Bezabih & Fasika Chekol, 2023. "Financial development and export diversification in Ethiopia: ARDL approach," Cogent Economics & Finance, Taylor & Francis Journals, vol. 11(1), pages 2163079-216, December.
    18. Wondesen Teshome Bekele & Fekadu Gelaw Mersha, 2019. "A Dynamic Panel Gravity Model Application on the Determinant Factors of Ethiopia’s Coffee Export Performance," Annals of Data Science, Springer, vol. 6(4), pages 787-806, December.
    19. Myoung Shik Choi, 2022. "Dominant Currency and Value-Added Exports," Academic Journal of Interdisciplinary Studies, Richtmann Publishing Ltd, vol. 11, September.
    20. Mingming Pan & Hien Nguyen, 2018. "Export and growth in ASEAN: does export destination matter?," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing Limited, vol. 11(2), pages 122-131, May.
    21. Dang Hai Luu & Craig R. Parsons, 2022. "Non‐tariff measures and Vietnam's export performance," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 36(1), pages 88-104, May.
    22. Javad Abedini, 2013. "Heterogeneity of Trade Patterns in High-Tech Goods Across Established and Emerging Exporters: A Panel Data Analysis," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 49(4), pages 4-21, July.
    23. Asha Nadig & T. Viswanathan, 2022. "Price discovery and volatility transmission in the spot and futures market of pepper: an empirical analysis," International Journal of Intelligent Enterprise, Inderscience Enterprises Ltd, vol. 9(1), pages 78-99.
    24. Jaganath Behera & Alok Kumar Mishra, 2017. "The Recent Inflation Crisis and Long-run Economic Growth in India: An Empirical Survey of Threshold Level of Inflation," South Asian Journal of Macroeconomics and Public Finance, , vol. 6(1), pages 105-132, June.
    25. Mini P. Thomas, 2019. "Impact of services trade on economic growth and current account balance: Evidence from India," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 28(3), pages 331-347, April.
    26. Salamat Ali, 2020. "Exchange Rate Effects on Agricultural Exports: Transaction‐Level Evidence from Pakistan," American Journal of Agricultural Economics, John Wiley & Sons, vol. 102(3), pages 1020-1044, May.
    27. K. Nirmal Ravi Kumar & G. Mohan Naidu & Adinan Bahahudeen Shafiwu, 2024. "Exploring the drivers of Indian agricultural exports: a dynamic panel data approach," Cogent Economics & Finance, Taylor & Francis Journals, vol. 12(1), pages 2344733-234, December.
    28. Netsanet Gizaw & Jemal Abafita & Tesfaye Melaku Merra, 2022. "Impact of coffee exports on economic growth in Ethiopia; An empirical investigation," Cogent Economics & Finance, Taylor & Francis Journals, vol. 10(1), pages 2041260-204, December.
    29. Redwanur Rahman & Saleh Shahriar & Sokvibol Kea, 2019. "Determinants of Exports: A Gravity Model Analysis of the Bangladeshi Textile and Clothing Industries," FIIB Business Review, , vol. 8(3), pages 229-244, September.
    30. Zemenu Amare Ayalew & David McMillan, 2021. "Capital structure and profitability: Panel data evidence of private banks in Ethiopia," Cogent Economics & Finance, Taylor & Francis Journals, vol. 9(1), pages 1953736-195, January.
    31. Aswini Kumar Mishra & Shikhar Jain & Mohammad Abid & Manogna R L, 2021. "Macro‐economic determinants of non‐performing assets in the Indian banking system: A panel data analysis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(3), pages 3819-3834, July.
    32. Suvayan Neogi & Bidyut Kumar Ghosh, 2022. "Evaluation of Crop Diversification on Indian Farming Practices: A Panel Regression Approach," Sustainability, MDPI, vol. 14(24), pages 1-18, December.
    33. Courage Mlambo & Peter Mukarumbwa & Ebenezer Megbowon, 2019. "An investigation of the contribution of processed and unprocessed agricultural exports to economic growth in South Africa," Cogent Economics & Finance, Taylor & Francis Journals, vol. 7(1), pages 1694234-169, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Maku Olukayode E. & Ogede Jimoh S. & Osisanwo Bukonla G., 2021. "Oil Price and Macroeconomic Fundamentals in African Net Oil-Exporting Countries: Evidence from Toda–Yamamoto and Homogeneous Causality Tests," Acta Universitatis Sapientiae, Economics and Business, Sciendo, vol. 9(1), pages 102-114, September.
    2. Valcarcel, Victor J. & Wohar, Mark E., 2013. "Changes in the oil price-inflation pass-through," Journal of Economics and Business, Elsevier, vol. 68(C), pages 24-42.
    3. Yudong Wang & Li Liu, 2016. "Crude oil and world stock markets: volatility spillovers, dynamic correlations, and hedging," Empirical Economics, Springer, vol. 50(4), pages 1481-1509, June.
    4. George Filis & Ioannis Chatziantoniou, 2014. "Financial and monetary policy responses to oil price shocks: evidence from oil-importing and oil-exporting countries," Review of Quantitative Finance and Accounting, Springer, vol. 42(4), pages 709-729, May.
    5. Gu, Fu & Wang, Jiqiang & Guo, Jianfeng & Fan, Ying, 2020. "Dynamic linkages between international oil price, plastic stock index and recycle plastic markets in China," International Review of Economics & Finance, Elsevier, vol. 68(C), pages 167-179.
    6. Mukesh Kumar & Nargis & Azeema Begam, 2020. "Export-Led Growth Hypothesis: Empirical Evidence from Selected South Asian Countries," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 8(1), pages 1-15, March.
    7. Christiane Baumeister & Gert Peersman, 2013. "Time-Varying Effects of Oil Supply Shocks on the US Economy," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(4), pages 1-28, October.
    8. Christiane Baumeister & Gert Peersman & Ine Van Robays, 2010. "The Economic Consequences of Oil Shocks: Differences across Countries and Time," RBA Annual Conference Volume (Discontinued), in: Renée Fry & Callum Jones & Christopher Kent (ed.),Inflation in an Era of Relative Price Shocks, Reserve Bank of Australia.
    9. Christopher Thiem, 2018. "Oil price uncertainty and the business cycle: Accounting for the influences of global supply and demand within a VAR GARCH-in-mean framework," Applied Economics, Taylor & Francis Journals, vol. 50(34-35), pages 3735-3751, July.
    10. Matteo Manera & Alessandro Cologni, 2006. "The Asymmetric Effects of Oil Shocks on Output Growth: A Markov-Switching Analysis for the G-7 Countries," Working Papers 2006.29, Fondazione Eni Enrico Mattei.
    11. Lutz Kilian, 2014. "Oil Price Shocks: Causes and Consequences," Annual Review of Resource Economics, Annual Reviews, vol. 6(1), pages 133-154, October.
    12. Claudio Morana, 2013. "The Oil Price-Macroeconomy Relationship Since the Mid-1980s: A Global Perspective," The Energy Journal, International Association for Energy Economics, vol. 0(Number 3).
    13. Sharma, Susan Sunila & Thuraisamy, Kannan, 2013. "Oil price uncertainty and sovereign risk: Evidence from Asian economies," Journal of Asian Economics, Elsevier, vol. 28(C), pages 51-57.
    14. Sunil K. Mohanty & Joseph Onochie & Abdulrahman F. Alshehri, 2018. "Asymmetric effects of oil shocks on stock market returns in Saudi Arabia: evidence from industry level analysis," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 595-619, October.
    15. Rafiq, Shudhasattwa & Sgro, Pasquale & Apergis, Nicholas, 2016. "Asymmetric oil shocks and external balances of major oil exporting and importing countries," Energy Economics, Elsevier, vol. 56(C), pages 42-50.
    16. Mustafa Kocoglu & Phouphet Kyophilavong & Ashar Awan & So Young Lim, 2023. "Time-varying causality between oil price and exchange rate in five ASEAN economies," Economic Change and Restructuring, Springer, vol. 56(2), pages 1007-1031, April.
    17. Filis, George & Degiannakis, Stavros & Floros, Christos, 2011. "Dynamic correlation between stock market and oil prices: The case of oil-importing and oil-exporting countries," International Review of Financial Analysis, Elsevier, vol. 20(3), pages 152-164, June.
    18. Yoon, Kyung Hwan & Ratti, Ronald A., 2011. "Energy price uncertainty, energy intensity and firm investment," Energy Economics, Elsevier, vol. 33(1), pages 67-78, January.
    19. van de Ven, Dirk Jan & Fouquet, Roger, 2017. "Historical energy price shocks and their changing effects on the economy," Energy Economics, Elsevier, vol. 62(C), pages 204-216.
    20. Omar, Ayman M.A. & Wisniewski, Tomasz Piotr & Nolte, Sandra, 2017. "Diversifying away the risk of war and cross-border political crisis," Energy Economics, Elsevier, vol. 64(C), pages 494-510.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • Q17 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Agriculture in International Trade

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jincot:v:25:y:2025:i:1:d:10.1007_s10842-025-00449-6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.