Exports of agricultural products declined by 3 percent to $ 5.88 billion in the first quarter

20-Jul-2024 02:20 PM

New Delhi. The export performance of the products under the operation of Agricultural and Processed Food Products Export Development Authority (APEDA), a subordinate body of the Union Ministry of Commerce, has started weakening due to certain reasons. In the first quarter of the current financial year i.e. April-June 2024, exports of agricultural and food products fell by 3 percent to $ 5.88 billion as compared to last year. The main reason for this was the crisis in the Red Sea region (which increased shipment costs), fall in the global market price of maize and ban on export of rice etc.

Analysis of the data shows that the gross exports of agricultural products declined mainly due to the decline in the shipment of regulated items as the export of non-regulated products increased mostly during the period April-May 2024.

During April-May 2024, exports of 23 groups of non-regulated agricultural products increased by 3 percent to $3.88 billion. This includes Basmati rice, non-veg items, fresh and processed fruits and vegetables, pulses, dairy products, alcoholic beverages and poultry products etc. But the exports of three regulated groups, which include non-Basmati rice, wheat and milled products, declined by 12 percent to $954 million in April-May 2024.

In the first two months of the current financial year, exports of Basmati rice increased by 13 percent to $1.03 billion, but exports of non-Basmati rice declined by 13 percent to $91,883 million. The Union Commerce Ministry is now trying to identify non-tariff barriers coming in the way of exports so that unhindered access of Indian products to major export markets can be ensured. These obstacles and hindrances are being put on a portal and efforts are being made to remove them in a systematic manner.