Wedoany.com Report-May 28, India’s agricultural and allied sector exports grew by 6.47% in the fiscal year 2024-25, reaching $51.91 billion, despite the country’s overall merchandise exports remaining nearly flat at $437 billion, with only a 0.1% increase. This rise in agricultural exports, though below the record $53.1 billion in 2022-23, highlights the sector’s resilience. In 2023-24, agricultural exports totaled $48.8 billion.

Rice exports, including Basmati and non-Basmati varieties, surged to over $12.5 billion, equivalent to more than Rs 1 lakh crore, according to the Union Ministry of Commerce. Basmati rice exports increased by 2%, reaching $5.9 billion (approximately Rs 50,311 crore), while non-Basmati rice exports soared by 43%, exceeding $6.5 billion. Rice accounts for about 24% of India’s total agricultural exports, making it the leading exported commodity.

Exports under the Agricultural and Processed Food Products Export Development Authority (APEDA) rose by 11% to $27.90 billion. APEDA Chairman Abhishek Dev told Rural Voice: “Organic product exports grew by 35% and dairy product exports saw a substantial 54% increase.” He added that efforts are ongoing to reach a $100 billion agricultural export target by 2030. Marine products increased slightly by 0.52% to $7.4 billion, while spices grew by 4.84% to $4.45 billion. Buffalo meat exports rose by 8.57%, surpassing $4 billion, and processed food exports grew by 2% to $1.68 billion.

Tobacco exports jumped by 40% to $1.47 billion, but oil meal exports fell by 21% to $1.32 billion. Fresh fruit exports grew by 2% to $1.17 billion, and processed fruits and juices rose by 6%, exceeding $1 billion. Coffee exports increased by 40% to over $1.8 billion, and tea exports grew by 12% to $924 million, benefiting from a global decline in coffee production.

Agricultural imports rose by 17.2% to a record $38.5 billion in 2024-25, narrowing the trade surplus over the past decade. Export restrictions, imposed to address domestic production shortfalls, affected certain commodities. A ban on wheat exports, maintained to stabilize local prices, led to a 96% drop to $2 million in 2024-25, compared to $2.1 billion in 2021-22. Sugar exports fell by 23.5% to $2.1 billion from $5.8 billion in 2022-23, and cotton exports declined by 27% to $809 million, down from $4.3 billion in 2011-12, making India a net cotton importer.

The United States was the top destination for India’s agricultural exports in 2024-25, with $5.8 billion, followed by the UAE ($3.4 billion), China ($3.2 billion), Bangladesh ($2.4 billion), and Saudi Arabia ($2.3 billion). Other key markets include Vietnam, Iraq, Malaysia, Indonesia, Iran, and the Netherlands.