India remained world’s eighth largest exporter of agricultural products in 2023
Despite a drop in agriculture exports to $51 billion in 2023 from $55 billion in 2022, India remained the world’s eighth largest exporter of agricultural products in the year, while seven of the top ten exporting countries experienced a decline, according to WTO data.
“Among the top agricultural exporters, Brazil, the European Union, and Thailand increased their exports by 6%, 5%, and 0.2%, respectively, in 2023. The other seven top-ten economies saw a decrease in agricultural product exports. The top ten exporters accounted for 71.9% of global exports in 2023”, according to a report on key insights and trends in WTO trade statistics 2023.
Also Read | India pitches compelling case before WTO to safeguard small-scale fishermen
Agriculture exports in India have fallen due to geopolitical factors such as the Red Sea crisis and the ongoing Russia-Ukraine war, but the decline has been primarily in regulated commodities such as rice, wheat, sugar, and onions, according to Indian officials.
India had banned the export of wheat in May 2022, non-basmati rice in July 2023, and sugar beginning in October 2023.
The EU maintained its lead in 2023, exporting agricultural produce worth $836 billion versus $799 billion in 2022. The United States remained second despite a drop in agricultural exports to $198 billion in 2023, down from $222 billion the previous year.
Brazil’s agricultural exports increased to $157 billion in 2023 from $148 billion in 2022, retaining third place.
China was the fourth largest agricultural exporter in 2023, with shipments worth $95 billion, slightly less than the $96 billion exports in 2022. Also Read | India being criticized at WTO for ‘not answering questions’ on MSP subsidies
Other nations among the top ten agricultural exporters consist of Canada, Mexico, Indonesia, and Australia.
The WTO’s World Trade Statistics 2023 includes a new interactive tool that displays key data and trends for international merchandise and commercial services trade in 2023. “The digital platform allows users to view the latest trends in world trade, in terms of both value and volume, using filters to display the data by economy, region, selected grouping, product group and services sector,” the World Trade Organization’s note stated.
Add Comment