Farm product exports continued to grow during the first five months of this fiscal on strong overseas demand for products such as basmati rice and buffalo meat, among others.
They were also aided by a weakening rupee.
Total farm exports during April-August this year touched $7.7 billion, a growth of 5 per cent over the corresponding period last year.
In rupee value terms, the growth for the period was 10.28 per cent at ?51,913 crore (Rs.47,076 crore in the corresponding period last year), according to the Agricultural and Processed Exports Development Authority (APEDA).
Shipments of basmati rice, the largest product in India’s farm export basket, topped $2 billion for the period, registering a 8.7 per cent growth.
However, the increase in volumes was marginal as shipments stood at 1.85 million tonnes (1.84 mt). The growth in export value is on account of higher unit pricing at $1,088 per tonne ($1,005 per tonne).
Basmati rice accounts for a 26.3 per cent share of India’s total exports. Iran was the largest buyer, accounting for 36 per cent of the shipments in April-August, followed by Saudi Arabia and Iraq.
Source: The Hindu Businessline
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