Indian Economy News

Exports of agricultural and processed food products jump by 16% to US$ 17.43 billion for April-November 2022

According to the data by the Directorate General of Commercial Intelligence and Statistics (DGCI&S), the exports of agricultural and processed food products registered a jump of 16% to US$ 17.43 billion for the period of April-November of the current fiscal year, from US$ 15.07 billion over the same period last fiscal year.

Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce and Industry, launched several initiatives which helped in achieving 74% of India’s total export target for FY23. For the current fiscal year, an export target of US$ 23.56 billion has been fixed for agricultural and processed food products, where US$ 17.435 has already been achieved in eight months.

As per the data, processed fruits and vegetables recorded a growth of 32.60% from April-November 2022, while fresh fruits registered a 4% growth. An increment of 28.29% was also recorded by processed food products like cereals and miscellaneous processed items. Additionally, the exports of pulses, basmati rice, poultry products, dairy products, and wheat were also seen to increase at the rates of 90.49%, 39.26%, 88.45%, 33.77% and 29.29%, respectively.

Various initiatives like business-to-business (B2B) exhibitions being held in different countries, exploration of new potential markets through product-specific and general marketing campaigns, are the main reasons for the rise in exports of these commodities. Virtual Buyer Seller Meets on agricultural and food products with the United Arab Emirates and the USA were also held to promote the products being registered as geographical indications (GI) in India.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.