Spices are high value and low volume commodities of commerce in the world market. All over the world, the fast growing food industry depends largely on spices as taste and flavour makers. Health conscious consumers in developed countries prefer natural colours and flavours of plant origin to cheap synthetic ones. Thus, spices are the basic building blocks of flavour in food applications. The estimated growth rate for spices demand in the world is around 3.19 percent just above the population growth rate. The objectives of this paper are to: examine the production and trade performance of spices grown in India; and estimate the instability of spices production and export of India. The time series data for area, production and export of spices were obtained for the period from 1990-91 to 2011-12. All the indicators noticed positive growth during the period under review. The sectoral mean growth of Indian spices was 7.08 percent. Among the spices, turmeric, coriander and other spices were recorded positive growth rates in all the selected economic indicators. The instability index of Indian spices sector became stable with the passage of time.