Agri exports surpass $26.3 bn mark, records 9% increase in FY23
New Delhi, May 8 (KNN) In the fiscal year 2022-23, the exports of agricultural and processed food products witnessed an increase of 9 per cent, which amounted to USD 26.3 billion, according to a report in the Financial Express.
This growth was primarily propelled by a surge in the shipment of commodities such as rice, fruits, vegetables, livestock, and dairy products.
The target of USD 23.56 billion set for the shipment of products categorized under the Agricultural and Processed Food Products Export Development Authority (APEDA) basket exceeded in FY23.
According to the Directorate General of Commercial Intelligence and Statistics, the value of rice exports in FY23 rose by more than 15 per cent year-on-year to a record USD 11.1 billion from USD 9.6 billion in the previous fiscal.
In terms of volume, rice shipment grew by 5 per cent to 22.34 million tonne (MT) last fiscal year-on-year.
Officials attribute the spike in rice exports to factors such as robust global demand especially from West Asian countries, Africa and Europe and floods in Pakistan, a major grain exporter which had hugely impacted a large chunk of paddy crop, reported FE.
Fresh and processed fruits and vegetables reported export growth of 18.8 per cent to USD 3.8 billion in the last fiscal year.
The shipment of cereals, preparations and processed food products rose by 20 per cent to USD 4.3 billion in FY23.
Export of meat, dairy and poultry products declined marginally compared to last year at USD 4 billion last fiscal compared to previous year. However exports realisation, in terms of rupees, rose by 4 per cent to Rs 32,334 crore last fiscal.
Exports of products under Apeda basket was USD 25.6 billion in 2021-22, which was around 51 per cent of the country’s total agricultural goods exports of more than USD 50 billion. Rest of agricultural products exports include marine, tobacco, coffee and tea. (KNN Bureau)