India's Food Product Exports Rise 11% to $17.8 Billion
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Synopsis
India has reported an impressive 11% growth in agricultural and processed food exports, amounting to $17.77 billion between April and December of the current fiscal year. Key products such as rice, buffalo meat, and bananas are driving this growth, reflecting strong global demand and expanding market presence.
Key Takeaways
- India’s food exports increased by 11% to $17.77 billion.
- Rice exports surged by over 19% to $8.72 billion.
- Banana exports aim for $1 billion in five years.
- APEDA targets $26.56 billion in total agricultural exports for FY25.
- Strong demand is boosting optimism among exporters.
New Delhi, Jan 17 (NationPress) India’s exports of agricultural and processed food products experienced a notable 11 percent increase, reaching $17.77 billion during the first nine months of the current financial year, as reported by official statistics.
Data from the Directorate General of Commercial Intelligence and Statistics (DGCIS) indicates that rice exports surged by more than 19 percent to $8.72 billion compared to $6.44 billion for the same period in the previous fiscal year.
Notably, rice exports escalated by an impressive 64.03 percent, rising from $0.87 billion in December 2023 to $1.43 billion in December 2024. Exporters remain optimistic about the continual growth of rice exports for 2024-25, driven by strong global demand.
In FY24, India’s rice exports totaled $10.41 billion, reflecting a 6.5 percent decline from the previous year due to export restrictions aimed at boosting domestic availability to combat rising inflation affecting household budgets.
Additionally, exports of buffalo meat, dairy, and poultry products grew by over 10 percent to $3.64 billion during April-December compared to $3.3 billion in the same timeframe of FY24.
The shipment of fresh fruits and vegetables in the first nine months of FY25 saw a rise of over 5 percent to $2.65 billion, while cereal preparations increased by more than 10 percent to $2.03 billion.
India has also reported a tenfold growth in banana exports over the last decade and is now aiming for $1 billion in banana exports within the next five years, following successful trial shipments to the Netherlands via sea routes, as per the Agricultural and Processed Food Products Export Development Authority (APEDA).
With the new sea route, Russia is anticipated to become a key market for Indian banana exports.
In the fiscal year 2023-24, India exported bananas valued at $300 million, a substantial increase from $176 million in 2022-23. The country's share in global banana exports has risen remarkably from 0.21 percent in 2013 to 1.74 percent in 2023, demonstrating its expanding role in the international market, according to data from the Ministry of Commerce and Industry.
The Agricultural and Processed Food Products Export Development Authority (APEDA) has established an export target of $26.56 billion for FY25. Other agricultural product exports include marine products, tobacco, coffee, and tea.
