India’s agri exports drop by 8.8% YoY amid export curbs on cereals, onions, and maize

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India’s agricultural exports dropped by 8.8% year-on-year to $43.7 billion between April 2023 and February 2024, compared to $47.9 billion in the same period the previous fiscal year.

The Ministry of Commerce attributed the decline to issues like Red Sea crisis & Russia-Ukraine war. The ministry said that $6 billion were exclusively lost in export opportunities due to export curbs on wheat, rice, maize, sugar and onions. However, it noted that the temporary setback in market share due to these restrictions would likely be recovered once exports resume.

In other agricultural exports, basmati rice saw a notable increase, with a 14% growth in quantity and a 22% increase in value, rising from $4.2 billion to $5.2 billion. Additionally, exports of fruits and vegetables grew by 13.94% year-on-year, while meat, dairy, and poultry products saw a rise of 12.36%.

The government is also working on sea protocols for perishable products to ensure freshness for overseas consumers.

Regarding the impact of the Israel-Iran conflict, the Commerce Ministry stated that India’s exports have not been significantly affected, with minimal feedback from shipping lines and no major pushbacks. Meanwhile, plans are underway to promote exports of 20 identified agricultural products, and discussions with states and farmers are ongoing to formulate an export strategy within the next 3 to 4 months, the ministry said.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow