The Country Agricultural Exports Decreased by 8.8 Percent, But Basmati Rice Gained the Most Benefits, Know on khetivyapar

The Country Agricultural Exports Decreased by 8.8 Percent

Due to reasons such as the crisis in Lal Sagar, the Russia-Ukraine war, and domestic restrictions imposed on essential items like rice, wheat, sugar, and onions, the country’s agricultural exports during the April-February period of the financial year 2023-24 decreased by 8.8 percent to $43.7 billion.

According to the figures from the Ministry of Commerce, exports stood at $47.9 billion during April-February 2022-23. There has also been a notable decline in India’s total agricultural domestic production, which only increased by 0.7 percent in 2023-24, compared to 4.7 percent in 2022-23.

As per the ET report, it has also been revealed from the figures that the export of 719 scheduled agricultural products in the APEDA basket decreased by 6.85 percent during the 11 months of the previous financial year, amounting to $22.4 billion, whereas it was $24 billion during April-February 2022-23.

An official stated that due to bans and export restrictions on items like rice, wheat, sugar, and onions, there has been a loss of around $5-6 billion in agricultural exports in the previous financial year. However, out of 24 major items in the APEDA basket, 17 have recorded positive growth during this period, including fresh fruits, buffalo meat, processed vegetables, Basmati rice, and bananas.

In terms of value, the export of Basmati rice increased from $4.2 billion in April-February 2022-23 to $5.2 billion in April-February 2023-24, marking a growth of 22 percent.