India’s agro exports take a hit on lower global commodity prices

Exports of several agriculture products from India, including tea, coffee, rice and cashew declined in May due to fall in global commodity prices, official data showed.

Exports of cereals, oil meals and dairy and poultry products too fell, and seven of the 13 agriculture products monitored by the commerce ministry were in the negative zone.

Exports of tea, coffee, rice and other cereals fell by 2 per cent, 15.68 per cent, 18 per cent and 53.75 per cent respectively, according to official data.

Cashew exports fell 14 percent, oil meals a sharp nearly 70 percent, while meat, dairy and poultry products were down 17 percent.

Decline in agri exports was a key factor for a slowdown in India overall exports, as they account for 10 percent of the country’s total exports.

Exports fell for the 18th month in a row in May, though marginally by 0.79 per cent to $22.17 billion as several non-oil sectors such as engineering and gems and jewellery saw a rise in outward shipments.

Sectors which grew at a healthy rate in May include tobacco (31.29 per cent), spices (11.36 per cent), oil seeds (7.64 per cent), fruits and vegetables (1.53 per cent) and marine products (11.39 per cent).

 

 

 

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