Exports of key agriculture products in negative zone in July
Exports of as many as 8 key agriculture products including tea, tobacco and cashew have registered negative growth in July mainly due to decline in prices in the global commodity market.
New Delhi: Exports of as many as 8 key agriculture products including tea, tobacco and cashew have registered negative growth in July mainly due to decline in prices in the global commodity market.
Other cereals, oil meals, meat, dairy and poultry products and fruits and vegetables too recorded negative growth during the month.
In all, 8 out of 13 main agriculture products that are closely monitored by the Commerce Ministry, were in the negative zone.
"In the global market, prices of agri-produce are generally weak due to over supply," said Ajay Sahai, DG and CEO of Federation of Indian Export Organisations.
Exports of tea, tobacco and cashew declined by 9.72 per cent to USD 407 million, 0.36 per cent to USD 416 million and 18.21 per cent to USD 382 million respectively, according to the Commerce Ministry data for July.
Other products which have reported negative growth include other cereals (14.3 per cent), oil meals (22.68 per cent), meat, dairy and poultry products (4.28 per cent).
Decline in these exports is a key factor for slow growth in India's overall merchandise exports in July. Growth rate of India's exports dipped by 6.84 per cent in the last month to USD 21.68 billion.
Agri-products account for over 10 per cent of the country's total exports.
In order to boost agri-exports, the Commerce Ministry is asking exporters to explore new markets and ship value-added products.
Sectors which grew at a healthy pace last month include coffee (3.77 per cent), rice (6.27 per cent), spices (12.18 per cent), and oil seeds (21.79 per cent).