Export of Processed Food and Agricultural Products Decreases by 9.32%
Published on: January 2, 2024.
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India Sees 9.32% Decrease in Agricultural and Processed Food Exports in FY 2023-24
In the fiscal year 2023-24, India faced a substantial 9.32% decrease in the export of agricultural and processed food products from April to October. According to recent export data released by the Agricultural and Processed Food Products Export Development Authority (APEDA), traders suffered a loss of approximately USD 1,438 million.
Overall export earnings dropped to USD 13,985 million on a year-on-year basis during this period, marking a significant decrease from USD 15,423 million in the corresponding period of the previous year.
Cereal exports experienced a major decline of nearly 24%, falling from USD 8,258 million to USD 6,290 million. The wheat export industry was hit hardest, plummeting by almost 98% due to a government-imposed ban on exports, aimed at stabilizing domestic prices.
On a positive note, basmati rice exports saw a significant increase of 16.27%, reaching USD 2,959 million compared to USD 2,545 million in the previous year.
India exported a total of 2,608 million tonnes (MT) of rice, surpassing the previous year’s 2,545 MT. This data indicates that the total exports of long-grained aromatic rice rose to 26.08 lakh MT this year, up from 24.10 lakh MT in the previous year.
However, the ban on rice exports had a negative impact on the non-basmati rice segment, which witnessed a decline of 20.16%.
In contrast, India saw an 11.31% increase in buffalo meat exports during this period. Meat traders exported 7.34 lakh MT, surpassing last year’s 6.70 lakh MT.
While basmati exports show encouraging growth, the broader agricultural landscape remains challenging for the farm sector.
Source: [KNN India](https://menafn.com)
