Agri exports likely to surge over $25 bn-mark in 2021

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SME Times News Bureau | 01 Jan, 2021
India's agri exports are set to rake in more than $25 billion in 2021 on the back of healthy demand from Middle East and China.

In a conversation with IANS, Trade Promotion Council of India's Chairman Mohit Singla said growth in India's agri based and processed foods will sustain in 2021.

India has exported $22.5 billion worth of agricultural products from April to November 2020.

In terms of segments, exports of primary products were $15.83 billion while processed foods worth $6.71 billion were shipped out.

The overall exports of agricultural products during this period grew by 9.23 per cent on a YoY basis.

Besides, at the same time, India imported $12.8 billion worth of agricultural products.

Consequently, a trade surplus was achieved during this period worth $9.71 billion, a 24.3 per cent YoY jump from the like period of last year.

"India's agri exports are likely to attain $60 billion by 2022. This means India's exports will likely continue this path of surplus and good performance in the upcoming year too if supported by a normal monsoon," he said.

"Indian exporters have extremely good order booking positions for food including processed food that is a clear indication that 2021 will be a good year for agri and food exports. We are getting good orders from Africa, Latin America, GCC countries and China."

According to Singla, the ban of basmati rice imports from India has been lifted by Iran which will contribute to India's improved performance in cereal exports in 2021.

Besides, China imported non-basmati rice from India for the first time in December 2020 in about three decades owing to supply issues.

"China's traditional suppliers were Vietnam, Thailand, Myanmar, and Pakistan. These countries lacked supplies in 2020 whereas India had a surplus production. India also offered rice at a highly discounted price."

"This new development can open Chinese markets for India's non-basmati in the future. And this continuation of imports by China from India is very likely as India's rice quality is way better than it was three decades ago. And, the quality was the only concern that prevented China from importing Indian rice."