Agricultural and processed food exports up by 10% in first 10 months of FY23

Exports of Indian agricultural and processed food products increased by 10% to reach US$  21.79 billion during the first ten months of FY23, compared to the same period the previous year, according to a report from the Directorate General of Commercial Intelligence and Statistics. This growth was driven by increased shipments of rice, fruits, vegetables, livestock, and dairy products. 

The value of Basmati rice exports from April to January 2022-23 rose by more than 41% on year to US$ 3.8 billion, while non-Basmati rice exports grew by 3.3% to US$ 5.1 billion. Additionally, the United States Department of Agriculture (USDA) stated that India remains the most competitively-priced source for Asian rice, with India’s broken-kernel rice quoted at US$ 435/tonne last month. 

During the April-January period, exports of processed fruits and vegetables grew by 29% to US$ 1.6 billion, while dairy products saw a growth of 10% to US$ 512 million. 

The APEDA has set an export target of US$ 23.5 billion for this fiscal year, and other key agricultural products exported from the country include marine products, spices, tea, coffee, and tobacco. In 2021-22, exports of products under the APEDA basket amounted to US$ 25.6 billion, which was around 51% of the country’s total agricultural goods exports of more than US$ 50 billion.

Commerce ministry officials attribute the rise in agricultural and processed food products exports to various government initiatives, such as organizing B2B exhibitions, tie-ups with global hypermarket chains, and exploring new markets through product-specific marketing campaigns with the active involvement of Indian missions.

Source: Financial Express