Agricultural exports to grow by 9% to $26.3 billion in FY 2023

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Ahmedabad: India is now gaining momentum on the export front in agriculture sector along with services. The country's agricultural exports have seen an increase of 9% in the last financial year.

Exports of agricultural and processed food products increased by 9 per cent to $26.3 billion in FY 2022-23 compared to 2022 due to increased shipments of rice, fruits and vegetables, livestock and dairy products. Shipments of products under the Agricultural and Processed Food Products Export Development Authority basket have crossed the target of $23.56 billion for 2023.

Rice exports have increased despite India last year banning shipments of broken rice and imposing a 20% export tax on white rice.

According to the Directorate General of Commercial Intelligence and Statistics, the value of rice exports increased by more than 15% year-on-year to a record $11.1 billion in 2023, up from $9.6 billion. In terms of volume, rice shipments increased by 5% year-on-year to 22.34 million tonnes (MT). Strong global demand from West Asian countries, Africa and Europe and factors such as floods in top exporter Pakistan have seen growth in India's rice exports, with a major portion of the paddy crop affected. India has been the world's largest exporter of rice for the past decade and currently accounts for 45% of the global grain trade.

The United States Department of Agriculture (USDA), in its April 2023 Crop Outlook, stated that 'Indian prices are among the most competitive among global suppliers and total rice supplies are near record highs.

Exports of products under the Apeda basket were $25.6 billion in 2021-22, about 51% of the country's total agricultural commodity exports of over $50 billion. Other agricultural exports include tobacco, coffee and tea.

Increase in export of various products

thing

increase/decrease

-

in percent

Non basmati rice

+ 3.6

Basmati rice

+ 35.3

Fruits and vegetables

+ 5.6

Live Stock Products

- 2.6

Other processed foods

+ 20.8

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