India’s agricultural and processed food exports have witnessed a remarkable rebound in the ongoing fiscal year, overcoming challenges faced earlier.
After a slowdown in the initial quarters due to restrictions on rice exports, the sector has shown resilience, driven by a surge in shipments of meat, dairy products, fruits, and vegetables.
During the April-February period of the current fiscal year, exports under the Agricultural and Processed Food Products Export Development Authority (APEDA) basket reached USD 21.6 billion, slightly surpassing the previous year’s levels.
The dip in rice exports, which declined by 7 per cent to USD 9.32 billion, was primarily attributed to various constraints such as bans on certain types of rice and export duties.
However, other segments like livestock products witnessed a significant uptick, with buffalo meat, dairy, and poultry exports rising by nearly 13 per cent to USD 4.1 billion.
Notably, the export of fresh fruits and vegetables surged by 15 per cent, reaching USD 3.22 billion, while cereals preparations and processed items saw a 9 per cent increase to USD 2.5 billion.
Oil meals shipments also experienced a healthy growth of 17 per cent, totalling USD 1.5 billion during April-February 2023-24.
Although there was a decline in cashew exports by 4 per cent to USD 0.31 billion, the overall exports under the APEDA basket grew by 9 per cent to USD 26.3 billion in the previous fiscal year, showcasing a strong performance across various agricultural sectors.
It’s noteworthy that the APEDA basket contributes significantly, accounting for approximately 51 per cent of India’s total agricultural exports.
Other agricultural products contributing to the export basket include marine products, tobacco, coffee, and tea.
Despite initial setbacks, India’s agricultural export sector has demonstrated resilience and growth potential, bolstered by diversified product offerings and emerging market opportunities.
As the fiscal year progresses, the sector remains poised for further expansion, contributing positively to India’s trade landscape.