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 yr fell rather in need of the former yr, hitting about $50 billion as efforts to diversify shipments to the US, Europe and different markets helped to offset curbs on rice, wheat and sugar exports, reported Reuters.
The export curbs had been imposed via the arena’s second-largest manufacturer of wheat, rice and sugar ultimate yr to rein in emerging home costs.
The curbs have hit meals exports via between $5 billion and $6 billion, mentioned trade ministry respectable Rajesh Agrawal, including that general agriculture exports may well be about $50 billion for the yr to March 31. That compares with a complete of about $53 billion the former yr.
“The federal government targets to cut back dependence on a couple of pieces … and advertise quite a lot of farm merchandise, equivalent 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 via geopolitical tensions and export curbs.
Exports have additionally been dented via a slowdown in world call for, the continued Russia-Ukraine warfare and the Crimson Sea transport disaster attributable to battle within the Heart East, Agrawal mentioned.
Exports of basmati rice had reached $5.2 billion via the top of February, up 22% yr on yr, helped via an building up in world costs, he mentioned. Reputable numbers for the entire 12-month length are anticipated to be introduced in the following couple of days.
To spice up exports, the federal government has known 20 agricultural merchandise with prime export doable in advanced international locations. Those come with pieces equivalent to bananas, mangoes, cashew nuts, buffalo meat and alcoholic drinks.
Abhishek Dev, chairman of the Agriculture and Processed Meals Merchandise Export Construction Authority (APEDA), a state-run company that targets to spice up farm exports, mentioned India’s proportion within the $400 billion world marketplace of such merchandise was once most effective 2.23% in 2022, amounting to $9 billion.
“The purpose is to seize 4% to five% marketplace proportion in the following couple of years,” he mentioned, including that shipments of bananas and pomegranates have been despatched to Russia and the US.
Dev mentioned that India’s fruit and vegetable exports rose 14% in 2023/24 to $3.7 billion, adopted via a 12.4% upward push in exports of meat, dairy and poultry pieces to $2.8 billion.