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Agricultural Commodities on the Rise: Analyzing the Global Market with Agro-Product Import-Export Statistics

Agro Products Import Data

India is an agricultural country, ranking second in agriculture production globally. With a rising population and a demand for food security, the Indian agriculture industry is more important than ever before. Trading agricultural commodities entails more than simply cultivating a crop and selling it locally. Understanding the market insights of commodity trading and having the necessary technologies to run your firm can make all the difference. Today, in this blog, we will discuss why agricultural commodities are on the rise. Along with this, we explore agro products import data and the top agro products importing countries.

What is an agricultural commodity?

Crops and cattle are considered agricultural commodities because they are cultivated and harvested to supply food and, in some cases, fuel. Agricultural commodities include plant and animal goods, as well as their byproducts, such as crops, forestry products, hydroponics, nursery stock, aquaculture, meat, farm-generated manure, and fish and seafood products. 

On the domestic front, the National Commodity and Derivatives Exchange (NCDEX) is the largest agri exchange, trading in most agricultural commodities such as soybean, refined soy oil, RM seed, castor seeds, turmeric, jeera, dhania, guar seed, guar gum, cotton, cotton seed oil cake, and so on. At the same time, the MCX trades cotton, kapas, and mentha oil.

However, certain crops are only used for industrial purposes. The building and furniture industries use tree timber, while latex from the rubber tree is used in a variety of industries. Sheep wool is used to make fabric for the apparel industry, as well as lanolin for skin and hair products.

Analyzing the Global Agro Product Market 

As per Global Trade Data, the global agriculture market increased from $12,245.63 billion in 2022 to $13,398.79 billion in 2023, with a compound yearly growth rate (CAGR) of 9.4%. The war between Russia and Ukraine, at least in the long term, impeded the global economic recovery from the COVID-19 outbreak.. The Russia-Ukraine war, at least in the medium term, hampered global economic recovery from the COVID-19 epidemic. 

The battle between these two countries has resulted in economic sanctions against many countries, an increase in commodity prices, and supply chain interruptions, generating inflation in goods and services and hurting various markets throughout the world. As per Agro Products Trade Data, the agriculture industry is predicted to rise to $19,007.8 billion by 2027, with a 9.1% CAGR.

In 2022, Asia-Pacific was the world's largest agricultural market. North America was the second-largest region in the agriculture sector. The agricultural report covers the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

What are the imports of agri products?

The leading agriculture and allied industry import value in India for fiscal year 2022 by commodity. Based on Agro Products Import Data, vegetable oils worth more than 1.2 trillion Indian rupees were imported into India in the fiscal year 2022. It was the biggest value of agricultural and allied sector imports.

As per Agro Products Importers Data, global agricultural product imports are expected to fall somewhat in 2023 compared to 2022, with estimates ranging from 5-10%. Regional import trends have fluctuated, with some regions, such as the EU, seeing stable imports and others, such as South and Southeast Asia, seeing a rise due to rising demand. While overall imports fell, imports of certain products, such as soybeans and grains, fell due to factors such as changing trade routes and production constraints. Now. We will explore the major agricultural commodities imported globally. 

What are the top 5 agricultural imports?

Based on Agro Products Import Data, the top five agricultural imports are:

  • Vegetable oils: palm oil, soybean oil, and rapeseed oil dominate the worldwide vegetable oil trade, with China, India, and Europe as key importers.
  • Coffee: This popular beverage is primarily produced in developing nations but consumed in industrialized ones, making it a significant agricultural import.
  • Cocoa: Chocolate lovers, rejoice! Cocoa beans are another major import that drives the worldwide chocolate industry.
  • Fruits: Fresh fruits such as bananas, grapes, and citrus fruits are commonly traded, particularly during the off-season in importing nations.
  • Soybeans: Used for both food and feed, soybeans are an important import for countries wanting to boost their native supply.

So, these are the biggest agricultural import products. However, if you need updated and accurate agro products, export import data or importers of agro products, connect with Seair Exim Solutions and gain market insight reports instantly. 

Agro Product Importing countries

Based on Agro Product Importers Data, here are the top 10 agro product importing countries for 2022-23.

         
  Rank Country Value (USD Billion)  
  1 China 215  
  2 United States 160  
  3 Germany 105  
  4 Japan 85  
  5 United Kingdom 82  
  6 Italy 75  
  7 Netherlands 70  
  8 South Korea 68  
  9 France 65  
  10 Spain 62  
         

According to Agro Products Import Data, China leads the market, consuming $215 billion in agricultural products as its population and appetites grow. The United States follows, while Europe (Germany, Italy, and Spain) enjoys different imports, such as coffee, fruits, and wine.

Japan and Korea rely largely on soybeans and maize, but the United Kingdom's island status facilitates a wide range of food imports. This commerce graphic depicts an expanding, interconnected globe in which food goes far and wide to feed many countries. If you need updated import data for agro products, you can connect with our dedicated data-driven platform and analyze the importers of agro products or HS codes for agro products globally.

Future Trends for Agriculture Products

Agriculture is critical to India's economic growth. Agriculture and related sector activities employ approximately 54.6% of the total workforce and account for 17.8% of the country's gross value added. Based on India export data, the country's overall agriculture exports were $50.2 billion, up 20% from $41.3 billion in 2020-21. It is expected that the Indian agriculture sector will expand by 3.5% in FY24.

Also Read: Top Insulated Wires and Conductors Importing Countries

However, conventional farming methods resulted in considerably less progress in efficiency and agricultural output, leading to reduced productivity. Due to this worry, the government began the fourth wave of revolution in the agricultural sector to incorporate technical improvements in these activities to boost yields and promote the involvement of the populace in this area.

Despite these facts, several crops in India have relatively poor average productivity. The country's population is predicted to become the world's largest in the next decade, making food security a critical problem. Farmers continue to struggle to make a decent living.

How to find Agro Product Importers Data?

Visit to Seair Exim Solutions' data-driven dashboard to view the most recent agro products import data from across the globe. Seair Exim Solutions delivers Agro Product Importers Data as well as precise, current, and authentic global trade data for over 100 countries.

In conclusion, the rise in global agricultural commodity prices is a complicated process impacted by changing food preferences, population increases, and shifting consumption patterns. Imports of agricultural products serve an important role in satisfying the rising demand for these commodities, promoting international trade partnerships, and guaranteeing a consistent and diverse supply. 

However, if you need help identifying the world's largest agro product importers or the agro products import data, you can contact Seair Exim Solutions at any moment. Our dedicated data professionals are always available to meet your requests for product and country-specific data. To schedule a free live demo, click here.

Frequently Asked Questions

 

Q1. Who is the largest importer of agricultural products?

As per Agro product importers data, China imported more agricultural products than any other country in the world in 2020, with a value of about $193.5 billion. This indicates a rising requirement for food and other agricultural products to suit the needs of the country's expanding population.

Q2. What are the imported agricultural products?

Based on Agro product import data, China imports a wide variety of agricultural products, including:

  • Soybeans: Used for animal feed and cooking oil.
  • Pork and other meats: Demand for meat rises with growing incomes.
  • Fruits and vegetables: Consumers seek diverse and high-quality produce.
  • Dairy products: Demand for milk and cheese is increasing.
  • Grains: Used for food, feed, and industrial purposes.

Q3. What are the top 5 agricultural imports?

According to importers of agro product statistics, the top 5 agricultural imports for China in 2022-23 were:

  • Soybeans
  • Meat of bovine animals (beef)
  • Corn (maize)
  • Wheat
  • Fruits, fresh or dried

Q4. Which country is the largest exporter of agricultural products?

The United States is the world's biggest exporter of agricultural products, valued at over $196 billion in 2022. Major exports include soybeans, corn, dairy products, cotton, and fruits and vegetables.

Q5. Which country imports the most from India?

As per Agro product importers data, the United Arab Emirates (UAE) is the largest importer of Indian agricultural products, followed by the United States and Bangladesh. India primarily exports spices, rice, basmati rice, sugar, and marine products.

  • Seair Exim
  • 30-Jan-2024

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