Foreign trade in farm goods to hit fresh record in FY23

  • 31-Jan-2023
  • Foreign trade in farm goods to hit fresh record in FY23


India's agricultural commerce, which made a strong comeback in FY22, is expected to set a new high this fiscal year for both exports and imports.
According to government and commercial sources, agricultural exports are anticipated to reach a new high of $50 billion, and imports may also reach $34–35 billion.
Therefore, the agricultural trade is less vulnerable to a recession in the global economy. The trade in textiles and apparel, which is sometimes thought to comprise cotton imports and exports, is not included in these statistics.

According to export import data,  the export of wheat, broken rice, and wheat flour were not prohibited, along with sugar export restrictions, agriculture exports would soar to $54-55 billion in FY23 and the net trade surplus in this sector would increase.

Up through December of current fiscal year, farm exports increased by 12.6% on a year-over-year basis to $38.5 billion, above the 10.2% growth in total merchandise exports, according to the most recent official figures.

Compared to a 24.9% increase in overall goods imports, these imports increased by 11.1% to $26 billion. 62% of these imports were made up of vegetable oils, the majority of which were edible oils.

Meanwhile, a 14.7% increase in edible oil purchases to $16.1 billion significantly increased agriculture imports.  Spice and cashew imports increased by 64.6% and 7.7%, reaching $1.6 billion and $1 billion, respectively, while fruit imports increased by 1% to $1.9 billion.  Despite a 19.2% decline, imports of pulses were still high at $1.4 billion according to import export data.

In FY22, agricultural exports reached a record $47.4 billion (with cotton, they reached $50.2 billion), despite supply-chain difficulties brought on by the epidemic. These were supported by a steady increase in non-basmati rice supplies last fiscal year and a recovery in marine product shipments.

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