India’s agricultural exports are anticipated to witness an increase in the fiscal year 2023/24, despite restrictions on wheat, rice, and sugar, according to the country’s trade minister, reported Reuters.
Despite measures to curb exports of these key commodities in the previous year to address escalating domestic prices, efforts to diversify shipments are expected to contribute to the rise in agricultural exports.
India, being the world’s second-largest producer of wheat, rice, and sugar, imposed restrictions on the export of these commodities in an attempt to stabilize domestic prices.
Speaking at a conference in New Delhi, Trade Minister Piyush Goyal stated, We had agri exports in the aggregate of about $53 billion in 2022-23, and we expect the number to increase in the current year despite the restrictions placed on export of rice, wheat or sugar.”
Data from the Agricultural and Processed Food Products Export Development Authority (APEDA), a state-run trade body, indicates positive growth in various export sectors. Specifically, exports of meat and dairy, cereal preparations, as well as fruits and vegetables, demonstrated an upward trend between April and November of the current fiscal year.
