Agricultural exports rose 10% from April to January to $21.8 billion

Agricultural and processed food exports rose 10% to US$21.79 billion in the first ten months of the current fiscal year (2022-23) compared to the same period last year, driven by an increase in shipments of rice, fruits and vegetables was. livestock and dairy products.

This comes at a time when India’s goods exports contracted by 6.59% to US$32.91 billion in January 2023 on the back of the collapse in global trade and a slowdown in domestic investment and consumer demand. However, the country’s cumulative merchandise exports increased by 8.51% to US$369.25 billion in April-January 2022-23.

According to the Directorate General of Commercial Intelligence and Statistics, the value of basmati rice exports increased by more than 41% year-on-year to $3.8 billion in April-January (2022-23) from $2.7 billion US dollars in the previous year.

Non-Basmati rice shipments saw moderate growth of 3.3% to $5.1 billion over the same period.

Basmati rice sales in April-January (2022-23) increased by 19% to USD 1044/tonne compared to USD 877, due to robust demand and lower shipments from Pakistan due to flooding that affected the crop last year /ton a year ago.

The United States Department of Agriculture (USDA) noted in its February 2023 Crop Outlook that “India remains the cheapest source of Asian rice.” India’s broken kernel rice traded at $435/t last month.

“Strong global demand and competitive prices have driven rice exports to surge in the current fiscal year, and compliance with quality parameters has led to significant demand for Indian rice, with the grain being shipped to more than 75 countries,” M Angamuthu, Chairman of the agriculture and processing sector This was announced by the Food Products Development Authority (APEDA).

The export of meat, dairy and poultry products in the April-January period of the current fiscal year decreased slightly year-on-year to US$3.3 billion. Dairy products alone grew 10% to $512 million over the same period.

Processed fruits and vegetables in April-January 2022-23 saw export growth of 29% to US$1.6 billion year-on-year.

APEDA has set itself an export target of 23.5 billion US dollars for the current financial year. Other important agricultural products exported from the country are sea products, spices, tea, coffee and tobacco

Exports of products under the APEDA basket amounted to US$25.6 billion in 2021-22, accounting for about 51% of the country’s total agricultural exports of more than US$50 billion.

Commerce Ministry officials attribute the rise in exports of agricultural and processed foods to the centre’s initiatives such as organizing B2B trade shows in various countries, collaborating with global hypermarket chains and exploring new potential markets through product-specific marketing campaigns through the active involvement of the Indian missions . Source: Financial Express

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