New Delhi, May 22 (KNN) India's dairy exports witnessed a 20 per cent decline in value to USD 468 million during the 2023-24 fiscal year, despite a 10 per cent rise in volumes.

This dip in export value came despite record dairy exports of USD 588.93 million in the previous year 2022-23.

R.S. Sodhi, President of the Indian Dairy Association (IDA), attributed the decline to factors such as lower global commodity prices and reduced shipments of skimmed milk powder (SMP) and casein products.

In volume terms, dairy product exports stood at 1.73 lakh tonnes in 2023-24, up from 1.56 lakh tonnes the previous year.

However, SMP exports were negligible as India was not competitive in markets like Bangladesh.

The United States remained the largest buyer of Indian dairy products, with shipment volumes growing 32 per cent to 94,381 tonnes.

However, the value of exports to the US declined to USD 179.95 million from USD 240.6 million the previous year.

Exports to the United Arab Emirates, the second-largest destination, grew 16 per cent in volume and saw a value increase to USD 69.78 million.

Bangladesh, a major importer of Indian dairy products, reduced its offtake sharply, with volumes falling 65 per cent to 5,162 tonnes.

Sodhi emphasised the importance of dairy exports for India, the world's largest milk producer, to ensure better prices for farmers and sustain their interest in the sector.

(KNN Bureau)