Exports of meat, dairy and poultry rose 12.4%
24 April 2024
2 minute learn
India’s agricultural meals exports within the 2023/24 monetary 12 months fell rather wanting the former 12 months, hitting about $50 billion as efforts to diversify shipments to the USA, Europe and different markets helped to offset curbs on rice, wheat and sugar exports, reported Reuters.
The export curbs have been imposed by means of the arena’s second-largest manufacturer of wheat, rice and sugar final 12 months to rein in emerging home costs.
The curbs have hit meals exports by means of between $5 billion and $6 billion, mentioned trade ministry professional Rajesh Agrawal, including that total agriculture exports might be about $50 billion for the 12 months to March 31. That compares with a complete of about $53 billion the former 12 months.
“The federal government goals to scale back dependence on a couple of pieces … and advertise quite a lot of farm merchandise, similar to oilseeds, fruit, greens and processed meals,” he mentioned.
India’s products exports fell for the primary time in 2023/24 since 2020/21, hit by means of geopolitical tensions and export curbs.
Exports have additionally been dented by means of a slowdown in world call for, the continuing Russia-Ukraine battle and the Pink Sea delivery disaster caused by struggle within the Center East, Agrawal mentioned.
Exports of basmati rice had reached $5.2 billion by means of the top of February, up 22% 12 months on 12 months, helped by means of an build up in world costs, he mentioned. Authentic numbers for the overall 12-month length are anticipated to be introduced in the following few days.
To spice up exports, the federal government has recognized 20 agricultural merchandise with top export attainable in evolved nations. Those come with pieces similar to bananas, mangoes, cashew nuts, buffalo meat and alcoholic drinks.
Abhishek Dev, chairman of the Agriculture and Processed Meals Merchandise Export Building Authority (APEDA), a state-run company that goals to spice up farm exports, mentioned India’s percentage within the $400 billion world marketplace of such merchandise used to be best 2.23% in 2022, amounting to $9 billion.
“The purpose is to seize 4% to five% marketplace percentage in the following few years,” he mentioned, including that shipments of bananas and pomegranates were despatched to Russia and the USA.
Dev mentioned that India’s fruit and vegetable exports rose 14% in 2023/24 to $3.7 billion, adopted by means of a 12.4% upward thrust in exports of meat, dairy and poultry pieces to $2.8 billion.