COMMODITY
India’s agriculture exports decline 8.8% in April-February period of 2023-24 fiscal
Apr-24-2024

The latest data from the commerce ministry has showed that India’s agriculture exports declined by 8.8 per cent to $43.7 billion during April-February period of 2023-24 fiscal as compared to at $47.9 billion in April-February 2022-23. Fall in exports can be attributed to factors like the Red Sea crisis, Russia-Ukraine war, and domestic restrictions imposed on critical items like rice, wheat, sugar and onion. India's agricultural GDP also witnessed a significant deceleration, growing by only 0.7 per cent in 2023-24, down from 4.7 per cent in 2022-23.

The data also showed that exports of the 719 scheduled agri products in the APEDA basket declined by 6.85 per cent to 22.4 billion during the 11-month period of the last fiscal as against $24 billion in April-February 2022-23. The export ban and restrictions on commodities like rice, wheat, sugar and onion have hit agri exports of about $5-6 billion in the last fiscal. 

However, among 24 principal commodities (in APEDA basket), 17 have recorded positive growth during the period and that included fresh fruit, buffalo meat, processed vegetables, basmati rice and banana. The exports of basmati rice have increased from $4.2 billion in April-February 2022-23 to $5.2 billion in April-February 2023-24 in value terms, registering a growth of 22 per cent. 

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