india’s agricultural exports expected to increase despite restrictions on wheat, rice, and sugar, says minister
Published on: January 11, 2024.
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India’s agricultural exports are projected to increase in fiscal year 2023/24, despite the restrictions on wheat, rice, and sugar exports, according to the country’s trade minister. India, known as the second-largest producer of these commodities, implemented export curbs last year to control domestic prices.
Last month, Reuters reported that these restrictions could lead to a shortfall of approximately $4 billion to $5 billion in export earnings this year. However, Trade Minister Piyush Goyal remains optimistic about the future of India’s agricultural exports.
Goyal stated during a conference in New Delhi, “We had agricultural exports totaling about $53 billion in the year 2022/23, and we anticipate this number to increase even with the current restrictions on rice, wheat, and sugar exports.” Despite the challenges faced, India expects to maintain its momentum and continue expanding its exports in the agricultural sector.
According to data from the Agricultural and Processed Food Products Export Development Authority (APEDA), exports of meat and dairy, cereal preparations, as well as fruits and vegetables, have shown growth between the months of April and November this year.
These positive developments in non-restricted agricultural sectors demonstrate India’s efforts to diversify its export portfolio and mitigate the impact of the export limitations. By focusing on the growth potential of other agricultural products, India aims to sustain its position as a leading exporter in the global market.
As the demand for Indian agricultural products remains strong, it is essential for the country to explore new export opportunities and strengthen existing partnerships with international buyers. The government’s commitment to supporting the agricultural sector and facilitating trade will play a crucial role in achieving this objective.
For rice exporters in Pakistan and Pakistan rice suppliers, this news presents a valuable opportunity to showcase their products in the international market. Websites like www.hasrice.com and www.pakistanrice.com can serve as excellent platforms for these exporters and suppliers to connect with potential buyers.
Furthermore, the rise in demand for Indian agricultural products, particularly rice, creates a favorable environment for rice mills in Pakistan and rice businesses in Pakistan. By leveraging their expertise and resources, these rice suppliers in Pakistan can capitalize on the increasing market demand and expand their reach.
To stay competitive in the global market, it is crucial for rice exporters and suppliers in Pakistan to offer competitive prices. Platforms like www.hasrice.com and www.pakistanrice.com provide comprehensive information on Pakistani rice prices and serve as valuable resources for both exporters and buyers.
For those seeking specific varieties such as IRRI 6 rice or Basmati rice, these platforms offer detailed price lists. This information enables buyers to make informed decisions and find the best deals.
In conclusion, while the restrictions on wheat, rice, and sugar exports may pose challenges, India remains optimistic about its agricultural exports for fiscal year 2023/24. By exploring new export opportunities and diversifying its portfolio, India aims to offset the impact of the restrictions and continue its growth in the global market.
Sources:
[Source:Zawya]
