look news india
New Delhi: Agricultural exports have declined by 3 percent to $ 5.88 billion in the first quarter of the current financial year. This situation has arisen due to global challenges as well as local supply conditions.
The Agricultural and Processed Food Products Export Development Authority (APEDA) said that the agriculture sector is facing challenges. These challenges include rising freight and air freight costs due to the Red Sea crisis and falling global corn prices. This has affected exporters. Another factor affecting exports is the ban on non-basmati and other varieties in India and this has affected rice exports.
India's basmati and non-basmati rice exports fell 0.46 percent to $2.8 billion in the quarter ended June. However, the government hopes that India will reach last year's rice exports in the next six months.
The Red Sea crisis has raised many issues related to logistics. Yet it also continues to increase the cost of air freight. The ongoing issue between the US and China has led to a shortage of containers.
India has produced a good amount of maize this year. Maize prices are high in the country while they are low globally. Due to which the export of maize has reduced. There has been a decline in the production of regulated agricultural products like wheat, non-basmati rice, millet in the first two months of the current financial year.
The government is working on launching an online platform to remove non-trade barriers in the next two to three months.