India's Agricultural Exports Dip 3% For April-June Fiscal Amid Chinese Tariff Deadline
US Importers are increasing their shipments from China to beat the upcoming deadline for higher tariffs on Chinese imports, this surge in trade activity is causing a shortage of containers.
(Source: Mirko Fabian/Unsplash)
India's exports of agricultural and processed food products fell by 3% to $5.88 billion during April-June this fiscal year due to issues related to the Red Sea crisis, a rise in freight and a shortage of containers, according to Agricultural and Processed Food Products Export Development Authority data.
US importers are increasing their shipments from China to beat the upcoming August 1 deadline for higher tariffs on Chinese imports. As a result, this surge in trade activity between the two nations is causing a shortage of containers.
During the first quarter, exports of rice, some cereals, cashew and oil meals declined.
Rice exports dipped marginally to $2.8 billion during the period, while cashew exports declined by 17% to $68.63 million.
However, fruits and vegetables; certain processed items; and meat, dairy and poultry goods registered positive growth.
According to the data, exports of regulated goods, including non-basmati rice, wheat, and milled products, have dipped marginally by 0.49% to $4.33 billion during April–May this fiscal year.
During the first two months of this fiscal year, basmati rice exports rose by 13% to $1.03 billion. However, the shipments of non-basmati rice dipped by 13% to $918.83 million.
(With Inputs From PTI)
