India’s Agri-Food Exports Surge 13% To USD 22.67 Bn In April-Feb Of FY24

New Delhi, Mar 19 (KNN) India's exports of agricultural and processed food products have risen by more than 13 percent year-on-year to USD 22.67 billion during the April-February period of the current financial year. 

This growth was primarily driven by a sharp increase of 21 percent in rice shipments, according to data provided by the Directorate General of Commercial Intelligence and Statistics.

Rice exports, including basmati and non-basmati varieties, increased by 21 percent year-on-year to over USD 11 billion compared with USD 9.32 billion in the year-ago period. 

The government began easing restrictions on rice exports in September 2024 on prospects of bumper output and significantly higher stocks, approximately a year after they were imposed. 

Since then, all export restrictions, including the minimum export price on rice shipments, have been removed.

Exporters anticipate that rice exports in FY25 may see an increase of 15 percent, potentially surpassing a record USD 12 billion due to robust global demand. 

In FY24, India shipped rice worth USD 10.41 billion, a decline of 6.5% year-on-year, as shipments were hampered by restrictions that were imposed to improve domestic supplies.

Trade sources indicate that India's dominance in global rice trade is likely to be restored with a spike in shipments, especially to Africa and Southeast Asian countries. 

India has maintained its position as the largest exporter of rice for a decade. 

Exporters note that despite issues pertaining to settlement of payment for shipments to Iran, the global demand for basmati rice continues to be robust. 

Meanwhile, exports of buffalo meat, dairy and poultry products rose by close to 12 percent year-on-year to USD 4.61 billion in April-February of FY25 compared with USD 4.11 billion in the same period of FY24.

The shipment of fresh fruits and vegetables in the first 11 months of FY25 increased by over 5 percent to USD 3.39 billion, and cereals preparation by more than 9 percent to USD 2.82 billion.

The Agricultural & Processed Food Products Export Development Authority (APEDA) has set an export target of USD 26.56 billion for FY25. 

The share of exports of products under the APEDA basket is approximately 51 percent in the total shipments of agricultural produce. The remainder of agricultural product exports includes marine products, tobacco, coffee, and tea.

(KNN Bureau)