Agri Exports: Due to the Red Sea crisis and other global reasons, the country’s agricultural exports declined by 8.8 percent to $ 43.7 billion during the April-February period of the financial year 2023-24. According to Commerce Ministry data, exports of agricultural products stood at US$ 47.9 billion in April-February 2022-23.
The country’s agricultural exports declined by 8.8 percent to $43.7 billion during the April-February period of the financial year 2023-24 due to the Red Sea crisis and other global reasons. This is also due to the Russia-Ukraine war and domestic sanctions imposed on important commodities like rice, wheat, sugar and onion.
According to Commerce Ministry data, exports of agricultural products stood at US$ 47.9 billion in April-February 2022-23. India’s agricultural GDP also saw a significant decline between April and February, growing by only 0.7 per cent in 2023-24, down from 4.7 per cent in 2022-23.
The data also showed that exports of 719 scheduled agricultural products in the APEDA basket declined by 6.85 per cent to US$ 22.4 billion during the 11-month period of the last financial year, while it was US$ 24 billion in April-February 2022-23. Stayed.
Figures affected by ban on export of rice, wheat, sugar and onion
An official said the ban on exports of commodities like rice, wheat, sugar and onion has affected agricultural exports worth $5-6 billion in the last financial year. However, exports of 17 out of 24 major commodities (in the APEDA basket) recorded positive growth during the period and these included fresh fruits, buffalo meat, processed vegetables, basmati rice and banana.
Israel-Iran war currently has no impact, but Commerce Ministry is monitoring the situation
Exports of Basmati rice increased from US$ 4.2 billion in April-February 2022-23 to US$ 5.2 billion in April-February 2023-24, registering an increase of 22 percent. The Commerce Ministry official also said that the Israel-Iran war does not seem to have any impact on exports as it has also just started, but we are monitoring the situation. So far it has not had any significant impact.
The official said that there has also been an increase in the export of alcoholic beverages made in India in the last financial year. There has been a good growth in exports of high-end Indian brands in this segment. Globally, alcoholic beverages worth $113.66 billion were imported in 2022. Whereas in the year 2022, India’s export in this case will be around 180 million US dollars. Currently, India ranks 40th in terms of global exports of alcoholic beverages.
