India’s Agricultural Exports Witness Significant Growth as Farm Sector Recovers
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Synopsis
India has experienced a notable 13% increase in agricultural and processed food exports, totaling $22.67 billion from April to February, indicating a recovery in the agricultural sector. The surge is largely attributed to rice and tea exports, with rice seeing a significant rise following the easing of restrictions.
Key Takeaways
- India's agricultural exports rose by 13% to $22.67 billion.
- Rice exports increased by 21% to over $11 billion.
- Tea exports reached a 10-year high of 255 million kg.
- Average tea prices in the export market went up by 10%.
- India is among the top five tea exporters globally.
New Delhi, March 19 (NationPress) India’s exports of agricultural and processed food items have seen a remarkable 13 percent growth, reaching $22.67 billion during the April-February period of the current financial year, compared to the same timeframe last year, showcasing the resilience of the agricultural sector.
Data from the Directorate General of Commercial Intelligence and Statistics indicates that rice exports, encompassing both basmati and non-basmati varieties, surged by 21 percent in the 11-month timeframe, exceeding $11 billion from $9.32 billion in the corresponding period last year.
In September 2024, the government began lifting restrictions on rice exports anticipating a bountiful harvest, approximately a year after these measures were implemented to curb food inflation resulting from domestic shortages during a challenging monsoon year. These restrictions have since been lifted, contributing to a decline in exports during 2023-24.
February saw rice exports rise by 13.21 percent to $1.19 billion from $1.05 billion in February of the previous year, as per the latest statistics.
On another note, India's tea exports reached a decade-high of 255 million kg in 2024, despite the global market uncertainties stemming from geopolitical tensions, as reported by the Tea Board of India.
The country’s exports rose by 10 percent from the previous year’s figure of 231.69 million kg, according to the data.
The average export price of Indian tea also increased by 10 percent, providing much-needed support to the tea sector that faced adverse weather conditions in 2023.
A significant rise in shipments to Iraq accounted for 20 percent of tea exports, with expectations of sending 40-50 million kg to the West Asian nation in this fiscal year.
Indian exporters, who tapped into various West Asian markets during Sri Lanka's low crop yield, have successfully maintained shipment levels there.
India exports tea to over 25 countries, with major markets including the UAE, Iraq, Iran, Russia, the US, and the UK.
Ranked among the top five tea exporting nations worldwide, India accounts for about 10 percent of total global exports. Renowned for its Assam, Darjeeling, and Nilgiri varieties, India's tea exports predominantly consist of black tea, which makes up approximately 96 percent of total exports. Other types include regular tea, green tea, herbal tea, masala tea, and lemon tea.
