India's Agri & Processed Food Exports Dip 3% in Q1 FY24

New Delhi, Jul 19 (PTI) The country's exports of agricultural and processed food products dipped by 3 per cent to USD 5.88 billion during April-June this fiscal due to issues pertaining to Red Sea crisis, rise in freight and shortage of containers, according to APEDA data.

The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the government under the commerce ministry.

Because of higher tariffs on Chinese imports by the US kicking in from August 1, there has been an attempt by importers in the US to beat that deadline and import more from China. That has led to more traffic between the two nations leading to shortage of containers.

During the first quarter, exports of rice, some cereals, cashew and oil meals have declined.

Rice exports dipped marginally to USD 2.8 billion during the period, while cashew exports declined by 17 per cent to USD 68.63 million.

However, fruits and vegetables; certain processed items; and meat, dairy and poultry goods registered positive growth.

According to the data, exports of regulated goods including non-basmati rice, wheat, and milled products have dipped marginally by 0.49 per cent to USD 4.33 billion during April-May this fiscal.

During the first two months of this fiscal, basmati rice exports rose by 13 per cent to USD 1.03 billion. However, the shipments of non-basmati rice dipped by 13 per cent to USD 918.83 million.