Export

India’s monthly exports in September stood at USD 32.62 billion, which is 3.52% lesser compared to USD 33.81 billion in September 2021, according to government data. However, India has seen a rise in the merchandise exports during April to September 2022 compared to that of previous year’s. India’s merchandise exports stood at USD 229.05 billion during April to September, which is 15.54% higher compared to USD 198.25 billion last year. 

India has witnessed a 14% growth in its import of agricultural and processed food in the first quarter (April to June) of the current Financial Year (April 2022- March 2023). During the same period, in the previous Financial Year, India's exports were worth $5,256 million, compared to this year's $5,987 million. Meanwhile, the government targets to export worth $ 23.56 billion agricultural and processed food in the current Financial Year.

Indonesia announced to lift its palm oil exports ban on May 23. The decision was taken by Indonesian President Joko Widodo, which is said to be a major relief for global vegetable oil markets, which reached a massive hit in the past few weeks. Joko said, the decision was taken considering 17 million people, and farmers suffering from the ban. The ban was imposed on April 28, amid Ukraine-Russia war.

India has received market access to export fresh bananas to Canada with immediate effect. Also, in a month, following a technical update, India will also start exporting baby corn to Canada. The decision has been taken after negotiations were carried out between Agriculture Secretary Manoj Ahuja and Canadian High Commissioner HE Cameron Mackay, on April 7. The move is expected to benefit the Indian farmers abundantly.

Under the ''Vaccine Maitri'' initiative, India started the export of vaccine doses to Myanmar, Nepal, Bangladesh, and Iran, media reports said on October 10. Repotedly, India sent 10 lakh doses of Covidsheild to Myanmar, Nepal, and Bangladesh. While Iran will receive three lakh doses of Covaxin. The initiative will also help India to fulfill its commitment towards COVAX to supply vaccine to poor countries.