India’s agricultural exports will increase from the previous year in fiscal 2023/24, despite restrictions on wheat, rice, and sugar as part of attempts to diversify shipments.
India, the world’s second-largest producer of wheat, rice, and sugar, limited exports of these commodities last year in an effort to contain soaring local prices. These limits are expected to result in a shortfall of $4 billion to $5 billion this year.
India’s agricultural exports were approximately $53 billion in 2022/23, and we expect this figure to rise in the current fiscal year despite restrictions on rice, wheat, and sugar exports.
According to data from the state-run trade authority APEDA, exports of meat and dairy products, cereal preparations, and fruits and vegetables increased between April and November of this year.