Exports of seven agri products fall in May
The Dollar Business Bureau
India’s exports of various agriculture commodities, including coffee, tea, rice and cashew fell in the month of May in the wake of declining commodity prices globally. Oil meals, cereals, dairy and poultry products also witnessed a negative growth during May.
In total, 7 out of 13 key agriculture commodities that are closely watched by the ministry of commerce, were falling.
On the other hand, experts from the industry are hopeful that the global prices of commodities would gradually become stable, which in turn, help in boosting exports of agricultural products.
Ajay Sahai, DG & CEO, Federation of Indian Export Organisation (FIEO), said, “Prices of agriculture products would start becoming stable. It would help in pushing up agri exports.”
During the month of May, exports of coffee, tea, rice and other cereals fell by 15.68 percent, 2 percent, 18 percent and 53.75 percent respectively, as per the official data.
Other commodities which witnessed negative growth were oil meals (-69.74 percent), cashew (-14 percent), meat, dairy and poultry products (-17 percent).
The decline in the exports of these commodities is a main factor for sluggish growth in the total merchandise exports of India. Agriculture products make up for more than 10 percent of the country's overall exports.
India’s exports declined consecutively for 18th month in May, though slightly by 0.79 percent to $22.17 billion as various non-oil segments like engineering, gems and jewellery recorded an increase in outward shipments.
The segments which recorded a surge at a healthy rate during the month were tobacco (31.29 percent), marine products (11.39 percent), spices (11.36 percent), oil seeds (7.64 percent), and fruits and vegetables (1.53 percent).