FY23 Sees 9% Surge in Agri Exports, Reaching $26.3 Billion

In the fiscal year 2022-23, the exports of agricultural and processed food items witnessed a notable increase of 9%, reaching a total of $26.3 billion. This rise was primarily due to a surge in the shipment of several products, such as rice, fruits, and vegetables, as well as livestock and dairy items.

The export of agricultural and processed food products under the purview of the Agricultural and Processed Food Products Export Development Authority (APEDA) has exceeded the set target of $23.56 billion for the financial year 2022-2023.

The Directorate General of Commercial Intelligence and Statistics has reported that in the fiscal year 2022-2023, the value of exported rice has increased by over 15% compared to the previous year, reaching a record high of $11.1 billion from $9.6 billion. Additionally, there has been a 5% growth in the volume of rice shipments, amounting to 22.34 million tonnes as compared to the previous year.

Officials attribute this surge in exports to several factors, including strong global demand from regions such as West Asia, Africa, and Europe. Additionally, floods in Pakistan, a significant grain exporting country, pointedly affected a considerable portion of their paddy crop, further contributing to the increase in demand for Indian rice.

Over the past decade, India has held the distinction of being the world's foremost rice exporter, with a market share of 45% in the global grain trade.

According to the April 2023 crop outlook report released by the United States Department of Agriculture (USDA), India currently offers the most competitive prices among global suppliers for rice, and their total supply of rice is nearly at a record high.

According to an official, "Due to strong global demand and competitive pricing, there has been a significant increase in rice exports during the current fiscal year. Furthermore, adherence to quality standards has led to a substantial rise in demand for Indian rice, which is now being exported to over 75 countries."

In the previous fiscal year, there was a significant increase of 18.8% in the export growth of fresh and processed fruits and vegetables, which reached a value of $3.8 billion. Similarly, the export of cereals, preparations, and processed food products also saw a substantial rise of 20% to $4.3 billion in the same fiscal year.

On the other hand, there was a minor decline in the export of meat, dairy, and poultry products compared to the previous year, which amounted to $4 billion. Nonetheless, there was a 4% increase in the export realization in terms of rupees, which reached Rs 32,334 crore during the last fiscal year.

In the fiscal year 2021-22, the exports of products falling under the Apeda category amounted to $25.6 billion, comprising approximately 51% of the total agricultural goods exported by the country, which amounted to over $50 billion. The remaining portion of agricultural exports includes items such as marine products, tobacco, coffee, and tea.

- Financial Express

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