India’s agriculture exports likely to touch $53 billion in FY24 despite restrictions on key commodities

Agriculture exports in India are anticipated to reach last year’s level of $53 billion in the current fiscal year, in spite of curbs imposed on shipments of certain key commodities like rice, wheat, and sugar, a senior government official said on last Thursday. 

The official noted that the export ban and curbs on these commodities are expected to touch exports of nearly $4-5 billion in the 2023-24 fiscal year. Additional Secretary, Commerce Ministry, Rajesh Agrawal, in conversation with the media, said, ″In 2022-23, the country's agri exports stood at $53 billion. We expect that we would reach that level in spite of $4.5 billion- $5 billion impact due to the restrictions,″ reported PTI.

The official stated that the government has banned exports of wheat and non-basmati white rice, and also levied curbs on sugar exports. He informed that the government is trying to boost exports of new products such as bananas and value-added millet products to new destinations internationally. 

″In the next three years, we are hoping to increase banana exports to USD 1 billion, he said, adding as India has successfully developed sea protocols for bananas, the exercise will be done for more fruits to boost the country’s exports in this segment. India is developing sea protocols for various fresh fruits and vegetables like bananas, mangoes, pomegranates, and jackfruit to promote their exports through ocean routes. At present, most of these exports are happening by air route because of lower volumes and different ripening periods. The protocol includes understanding voyage time, scientifically understanding the ripening of these commodities, harvesting at a particular time, and training of farmers. These protocols will be different for different fruits and vegetables,″ Agrawal noted. 

Notably, the exports of fruits and vegetables, cereals, meat, dairy, and poultry products logged a robust growth rate during the April-November period in the fiscal. At the same time, rice exports reduced by 7.65 per cent to $6.5 billion during the period.