India’s agricultural and processed food products exports in the first half of the current fiscal declined marginally, compared to the same period last year despite increases in shipments of buffalo meat and fruits and vegetables.
According to data from the Agricultural and Processed Food Products and Export Development Authority (Apeda), the exports in the April-September period of FY17 stood at R50,939 crore —around 3.6% lower than the same period last year.
Sources said overall, all exports in the current fiscal may surpass the previous fiscal level with expected revival in basmati rice shipment in the last part of the current fiscal.
India’s farm and processed foods exports had fallen to R1.06 lakh crore in FY16 against R1.31 lakh crore in FY15.
Exports of fruits and vegetables saw a sharp increase of 9% to R4,228 crore comparison to last year.
Commerce minister Nirmala Sitharaman earlier said in Parliament that the primary reasons for the decline in agricultural exports include low commodity prices in the international market, shrinking global demand and high domestic prices, compared with the international prices.
The problem was compounded by unfavourable currency rate movements compared with competing countries.
(Lakh is equivalent to 100,000, crore to 10 million)
1 Indian Rupee=0.015USD
Source: financialexpress.com