In April- January, Agricultural Exports Increased 10% To $21.8 Billion

In the first ten months of the current fiscal year (2022-23), exports of agricultural and processed food items increased by 10% to $ 21.79 billion compared to the same period last year, driven by a surge in the shipment of rice, fruits and vegetables, livestock, and dairy products.

This occurs at a time when India's exports of goods decreased by 6.59% to $32.91 billion in January 2023 as compared to the same month the previous year due to a decline in international trade and a slowdown in domestic investment and consumption needs. Yet, from April to January 2022–2023, the nation's merchandise exports increased by 8.51% to $ 369.25 billion.

The value of Basmati rice exports for April–January (2022-23) increased by more than 41% on year to $3.8 billion from $2.7 billion in the prior year, according to the Directorate General of Commercial Intelligence and Statistics.

During the same period, the cargo of non-Basmati rice saw a modest increase of 3.3%, reaching $5.1 billion.

Strong demand and fewer shipments from Pakistan, where floods last year severely damaged the crop, caused the price of basmati rice to rise by 19% to $1044/tonne in April–January (2022–23), as opposed to $877/tonne in the same period the previous year.

The United States Department of Agriculture (USDA) in its February 2023 crop outlook has stated "India remains the most competitively-priced source for Asian rice. Last month, the price of broken-kernel rice in India was quoted at $435 per ton."

"Strong global demand and competitive pricing have ensured a surge in rice exports in the current0020fiscal," M Angamuthu, Chairman of the Agricultural and Processed Food Products Development Authority (APEDA), told FE.

Exports of meat, dairy, and poultry products fell slightly from the previous year to $3.3 billion during the April-January period of the current fiscal year. During the same period, dairy products alone increased by 10% to $ 512 million.

Exports of processed fruits and vegetables increased by 29% year on year to $1.6 billion in April-January 2022-23.

APEDA has set an export target of $ 23.5 billion for the current fiscal year. Other important agricultural products exported from the country include seafood, spices, tea, coffee, and tobacco.

In 2021-22, exports of products under the APEDA basket totaled $ 25.6 billion, accounting for approximately 51% of the country's total agricultural goods exports of more than $ 50 billion.

Officials from the Commerce Ministry attribute the increase in agricultural and processed food product exports to the center's initiatives, which include organizing B2B exhibitions in various countries, partnering with global hypermarket chains, and exploring new potential markets through product-specific marketing campaigns with active participation of Indian missions.

Source:- Financial Express 

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