Amid a downturn in India's agricultural exports, which witnessed a nearly 9 percent decline to USD 43.7 billion between April and February in FY24 due to various global and domestic factors, the government has initiated strategies to revitalise exports of 20 agricultural commodities with significant growth potential in international markets. Among these items are bananas, mangoes, potatoes, and baby corn, as reported in the media.
Rajesh Agarwal, Additional Secretary in the Ministry of Commerce and Industry, revealed that the government has identified 20 products with relatively low shares in global exports. The objective is to elevate India's export share from the current 2.5 percent to approximately 4-5 percent in the foreseeable future. These products include fresh grapes, guava, pomegranate, watermelon, onion, green chilli, capsicum, okra, garlic, groundnut, alcoholic beverages, cashew nut, buffalo meat, jaggery, and natural honey.
India's exports of these items amounted to USD 9.03 billion in 2022, while global imports of the same totaled USD 405.24 billion, with several countries including the US, Malaysia, Canada, Russia, Germany, and China being the top importers.
The Agricultural & Processed Food Products Export Development Authority (APEDA) is collaborating with various institutes to develop sea protocols for ginger, pineapple, mangoes, and oranges to facilitate shipments via sea routes, reducing logistics costs and enabling increased exports, particularly of items like bananas, mangoes, and pomegranates.
Despite the overall decline in agricultural exports, certain commodities have witnessed positive growth. Basmati rice exports, for instance, surged by 22 percent from USD 4.2 billion in April-February 2022-23 to USD 5.2 billion in April-February 2023-24, highlighting the resilience and potential of certain agricultural sectors amidst challenging market conditions.
As the government works towards revitalising agricultural exports, these initiatives are expected to not only boost India's trade balance but also strengthen the country's position as a key player in the global agricultural market.
