Farm exports clock 6% growth in Q1 to touch $4.68 billion
Exports of farm and processed food products registered near 6 per cent growth in dollar terms to $4.68 billion during the April-June quarter over the corresponding period last year.
In rupee terms, the growth was higher, at around 10 per cent, touching Rs. 31,397 crore as against Rs. 28,564 crore in the corresponding quarter last year, according to the latest numbers from the Agricultural and Processed Foods Export Development Authority (Apeda).
The higher growth in rupee terms could be attributed to the weakening of the currency, which fell by around 5.45 per cent against the dollar during the quarter.
The export growth has come about mainly on account of strong demand for non-basmati rice, pulses, dairy products, guar gum, fruit and vegetable seeds, among others.
Key products such as basmati rice and buffalo meat registered flat to negative growth in dollar terms on a dip in volumes.
Basmati rice exports dropped in volumes to 1.16 million tonnes (mt) as against 1.25 mt in the same period last year. A weak currency in Iran — the largest buyer — impacted the earnings.
Meanwhile Non-basmati rice shipments sustained their growth with exports touching 1.97 mt (1.75 mt). Groundnut exports surged to 1.26 lakh tonnes (90,103 tonnes) on good demand from South-East Asian countries such as Indonesia, Philippines, Vietnam and Malaysia.
Exports of pulses have picked up, with volumes exceeding over one lakh tonnes during the quarter, enjoying robust demand from countries such as Turkey, Algeria and UAE. Similarly, volumes in dairy products increased to 35,720 tonnes (23,703 tonnes).
The US was the largest buyer of Indian dairy products, followed by Egypt and UAE.