India's Farm Exports Reach a Record High of $53.15 Billion
Recently, provisional data from the Department of Commerce reveals that in the fiscal year 2022-23, India's farm exports reached a record high of $53.15 billion, surpassing the previous year's figure of $50.24 billion.
This data provides an early indication of the positive growth and performance of India's agricultural sector in terms of exports.
- Trade Surplus and Imports: Total farm exports reached $53.15 billion in 2022-23, surpassing the previous year's record.
- Agricultural trade surplus slightly decreased from $17.82 billion to $17.46 billion.
- Import of fertilizers rose from $14.17 billion to $17.21 billion, narrowing the surplus further.
- Fluctuations in Global Prices: Between 2013-14 and 2015-16, exports declined due to a drop in global prices.
- The UN Food and Agriculture Organization's Food Price Index (FPI) decreased during that period.
- The FPI has since recovered, making India's agricultural commodities more price competitive and leading to increased exports.
- Major Export Contributors: Marine products, non-basmati rice, and sugar have been significant contributors to India's agricultural exports.
- Marine product exports grew steadily, reaching $8.08 billion in 2022-23.
- Non-basmati rice exports more than doubled, reaching $6.36 billion.
- Sugar exports reached $5.77 billion, making India the world's second-largest exporter.
- Decline in Exports for Some Items: Spices, buffalo meat, raw cotton, guar gum, and oil meals have seen a decline in exports.
- Spice exports stagnated after reaching almost $4 billion in 2020-21.
- Buffalo meat exports never recovered to their peak of $4.78 billion in 2014-15.
- Imports Profile: India's imports of farm produce are dominated by vegetable oils.
- Vegetable oil imports more than doubled from $9.67 billion to $20.84 billion.
- Dependence on imports for vegetable oils decreased to about 10% for pulses.
- Declining International Prices: The latest FPI reading shows a decline, which may impact India's agri-exports.
- Domestic Concerns: Food inflation fears ahead of the 2024 national elections may impact trade.
- Government measures, such as export bans and restrictions, have been implemented in response.
- Potential Impact of Southwest Monsoon: If the southwest monsoon season delivers subnormal rainfall, more export curbs and import liberalization can be expected.
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