This occurs at a time when India's merchandise exports fell by 6.59% year on year to USD 32.91 billion in January 2023 due to a slump in global trade and a slowdown in domestic investment and consumption demands. However, from April to January 2022-23, the country's merchandise exports increased by 8.51% to USD 369.25 billion.
According to the Directorate General of Commercial Intelligence and Statistics, the value of Basmati rice exports increased by more than 41% year on year to USD 3.8 billion from USD 2.7 billion the previous year during April-January (2022-23).
During the same time period, non-Basmati rice shipments increased by 3.3% to USD 5.1 billion. Because of robust demand and lower shipment from Pakistan due to floods affecting the crop last year, Basmati rice realisation increased by 19% to USD 1044/tonne in April-January (2022-23) compared to USD 877/tonne the previous year.
The United States Department of Agriculture (USDA) in its February, 2023 crop outlook has stated "India remains the most competitively-priced source for Asian rice,". Last month, the price of broken-kernel rice in India was quoted at USD 435 per tonne.
"Strong worldwide demand and competitive pricing have guaranteed a jump in rice exports in the current fiscal and adherence to quality parameters has resulted in significant demand for Indian rice with the grain being shipped to more than 75 countries," said M Angamuthu, Chairman of the Agricultural and Processed Food Products Development Authority (APEDA).
Exports of meat, dairy, and poultry products fell slightly from the previous year to USD 3.3 billion during the April-January period of the current fiscal year. During the same time period, dairy products alone increased by 10% to $ 512 million. Exports of processed fruits and vegetables increased by 29% year on year to USD 1.6 billion in April-January 2022-23.
APEDA has set an export target of USD 23.5 billion for the current fiscal year. Other important farm products exported from the country include seafood, spices, tea, coffee, and tobacco. In 2021-22, exports of products under the APEDA basket totaled USD 25.6 billion, accounting for approximately 51% of the country's total agricultural goods exports of more than USD 50 billion.
Officials from the Commerce Ministry attribute the increase in agricultural and processed food product exports to the center's initiatives, which include organising B2B exhibitions in various countries, partnering with global hypermarket chains, and exploring new potential markets through product-specific marketing campaigns with the active participation of Indian missions.
