Why India’s agricultural exports may face headwinds? read full report
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India Farm Exports: Despite the challenges posed by the Corona epidemic, India’s agricultural exports have increased by about 20 percent to $ 50.21 billion during the financial year 2021-22. In the financial year ending March 31, 2023, both agricultural exports and imports from India have achieved new heights.
rice export increased
In a statement issued by the Ministry of Commerce and Industry in April, it was said that during the financial year 2021-22, the export of rice was at the forefront of earning foreign exchange in agricultural commodities with $ 9.65 billion. This figure is 9.35 percent more than the previous year. At the same time, wheat exports increased to $ 2.2 billion in the year 2021-22, which was $ 567 billion in the previous financial year. Major export destinations of agricultural products include Bangladesh, UAE, Vietnam, USA, Nepal, Malaysia, Saudi Arabia, Indonesia, Iran and Egypt.
Export of dairy products also increased
As against the export of dairy products worth $323 million in the year 2020-21, the export of these products increased by 96 percent to $634 million in the year 2021-22. Whereas, the export of bovine meat increased from $3.17 billion in the year 2020-21 to $3.30 billion in the year 2021-22. The export of poultry products has increased to $ 71 million in the year 2021-22, which was $ 58 million in the previous year. The export of sheep/goat meat increased by 34 percent to $60 million in the year 2021-22.
Agricultural exports may have to face adverse conditions due to these reasons?
According to the Indian Express report, in the current financial year, agri-exports may have to face adverse conditions due to two reasons. The first are international prices. In fact, the latest FPI reading of 127.2 points for April 2023 is below the March 2022 peak of 159.7 points and the 2022-23 average of 139.5 points. While the second reason is domestic, especially the fear of food inflation ahead of the 2024 national elections. The Narendra Modi government had banned the export of wheat last May. It then banned the export of broken rice and in September imposed a 20 percent duty on all non-parboiled non-basmati shipments. Whereas, since the beginning of this month, the export of sugar has also stopped.
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