APEDA catapults agricultural exports from modest $0.6 billion to $26.7 billion in FY 2022-23

NEW DELHI : The Agricultural and Processed Food Products Export Development Authority (APEDA) has achieved a feat by significantly elevating India’s agricultural exports from a humble USD 0.6 billion in the fiscal year 1987-88 to an astounding USD 26.7 billion in the fiscal year 2022-23.

According to a press release by the Ministry of Commerce and Industry, this journey of growth has been fueled by proactive interventions and strategic initiatives by APEDA, demonstrating a commendable Compound Annual Growth Rate (CAGR) of 12 per cent and expanding the export basket to over 200 countries.

In the fiscal period of 2022-23, India’s agricultural exports soared to USD 53.1 billion, with APEDA contributing a substantial 51 per cent to India’s Agri-exports.

The period from April to December 2023 witnessed positive growth in 18 out of 23 Principal Commodities (PCs) in APEDA’s export basket, with 13 out of 15 large PCs experiencing a remarkable average growth rate of 12 per cent, read the press release.

Fresh fruits emerged as a standout performer, registering an impressive growth of 29 per cent, while the export of processed vegetables surged by 24 per cent.

Basmati Rice, along with Miscellaneous processed items and Fresh Vegetables, also experienced substantial growth compared to the corresponding period last year, read the press release.

Notably, India expanded its fresh fruits export footprint to 111 countries, compared to 102 destinations in the previous year.

On its 38th Foundation Day on February 13, 2024, APEDA celebrated a remarkable journey marked by fostering agricultural exports, achieving milestones, and experiencing unprecedented growth.

Established in 1986 with the mission to promote the export of agricultural products, APEDA has evolved into a pivotal force in catapulting India’s agricultural exports to new heights.

During April-November 2023, several key commodities witnessed substantial growth compared to the previous year, including Bananas (63 per cent), Lentils (dried and shelled) (110 per cent), Fresh eggs (160 per cent), and Kesar and Dasheri Mango (120 per cent and 140 per cent, respectively), read the press release.

Furthermore, the export value of Basmati rice surged by 19 per cent during the period from April to December 2023, reaching USD 3.97 billion, while the quantity of exports witnessed a notable growth of 11 per cent, reaching 35.43 lakh metric tons.

Basmati rice found its way to the top markets, with Iran, Iraq, Saudi Arabia, the USA, and the UAE emerging as the top five destinations for these exports.

This robust performance underscores the enduring popularity and global demand for Basmati rice, further solidifying its position as a major agricultural product in India’s export portfolio.