India: Exports of groundnuts fall by 42%
Indian fruit and vegetable and groundnut exports in April-July (2017-18) have shrunk around 7% and 4…Indian fruit and vegetable and groundnut exports in April-July (2017-18) have shrunk around 7% and 42%, respectively.
“We expect fruits and vegetables exports to revive in the next few quarters of the current fiscal and overall we anticipate a higher shipment in comparison to last year,” said D K Singh, chairman, Apeda. India’s farm and processed foods exports had fallen to 1.08 lakh crore in FY17 against 1.31 lakh crore in FY15. Analysts say that in the current fiscal year the exports could revive.
Former commerce minister Nirmala Sitharaman had last year stated that the primary reasons for the decline in agricultural exports included low commodity prices in the international market, shrinking global demand and high domestic prices, compared with the international prices.
The problem was compounded by unfavourable currency rate movements compared with competing countries.