Synopsis

India’s agriculture exports decreased by 8.8% to USD 43.7 billion in 2023-24 due to the Red Sea crisis, Russia-Ukraine war, and domestic restrictions. Basmati rice exports saw a 22% growth.

New Delhi, The country’s agriculture exports declined by 8.8 per cent to USD 43.7 billion during April-February period of 2023-24 fiscal due to factors like the Red Sea crisis, Russia-Ukraine war, and domestic restrictions imposed on critical items like rice, wheat, sugar and onion. According to the data of the commerce ministry, the exports stood at USD 47.9 billion in April-February 2022-23.

India’s agricultural GDP also witnessed a significant deceleration, 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 the 719 scheduled agri products in the APEDA basket declined by 6.85 per cent to 22.4 billion during the 11-month period of the last fiscal as against USD 24 billion in April-February 2022-23.

The export ban and restrictions on commodities like rice, wheat, sugar and onion have hit agri exports of about USD 5-6 billion in the last fiscal, an official said.

However, among 24 principal commodities (in APEDA basket), 17 have recorded positive growth during the period and that included fresh fruit, buffalo meat, processed vegetables, basmati rice and banana.

The exports of basmati rice have increased from USD 4.2 billion in April-February 2022-23 to USD 5.2 billion in April-February 2023-24 in value terms, registering a growth of 22 per cent.

The official also said that there has not been any visible impact of Israel-Iran war on exports as it is an evolving situation, “but we are monitoring the situation. There are no major push backs as of now”.

The official said that growth is noted last fiscal in export of Indian alcoholic beverages amid good growth in shipments of high-end Indian brands.

The world has imported alcoholic beverages worth USD 113.66 billion in 2022. India’s exports stood at USD 180 million in 2022.

India currently ranks 40th in global exports of alcoholic beverages.

Published Date: April 24, 2024