India’s agricultural and processed food products exports are set to exceed the target of $23 billion in FY22 thanks to a sharp spike in shipments of rice, wheat, fresh & processed fruits and vegetables, and livestock products. Exports of commodities under the Agricultural and Processed Food Products Export Development Authority (Apeda) basket have crossed $21.45 billion during April-February (FY22). In FY21, agricultural and processed food products were valued at $20.39 billion. According to the DGCIS data, rice exports crossed $8.67 billion in the first 11 months of FY22. India has been the world’s largest rice exporter in the last decade — export earnings stood at a record $8.7 billion in FY21 and could cross $9 billion this fiscal. India exports rice to more than 90 countries.

So far in FY22, wheat exports have increased by 380 percent to $1.74 billion, compared to the same period last year. Until FY21, the country was a relatively minor player in global wheat commerce, but the prospects currently appear to be quite bright, owing to increased global prices and large domestic inventories and output. The administration intends to increase wheat exports in FY23 in response to increased worldwide demand caused by the Russia-Ukraine war.