Indian Agricultural Exports Growth Report: Geojit

During the peak time of the pandemic, when the Indian economy was under major pressure, the agriculture sector has saved the country for the last 2 years. According to an agriculture ministry report, Indian farmers have sown rabi crops across 43.85 mln ha so far, up 6.1% from the last year.

Exports of Agri-products

In the last year, farmers could enhance agricultural exports level from the country significantly. But, this year, during Apr-Sep, exports of spices from India have declined 8% on year to 780,273 tn, the Spices Board India said. However, according to 3rd advanced estimates by the Indian Agri department, spices output increased to 10700000 tonnes in 2020-21, up by 5.5% compared to 10140000 produced in 2019-20.

The Agricultural and Processed Food Products Export Development Authority showed that India's non-basmati rice exports during Apr-Oct rose 56% on year to 9.6 mln tn. "Jeera production is seen at 856,505 ton in FY 2020-21, down 6.1% on year according to the Spices Board. India exported 299,000 tn of jeera in 2020-21, up 40% on year according to the Spices Board. The Spices Board has pegged coriander production at 822,210 tn, up 17.3% on year. According to Spices Board, Coriander exports from India were up 21% on year at 57,000 ton. Government sees 2020-21 coriander output at 720000 tons compared to 701000 tons a year ago. Spices Board sees exports of turmeric up 33% to 183000 tonnes in FY 2020-21 on YoY basis. Government sees 2020-21 turmeric output at 1.11 million tonnes compared to 1.15 million tons a year ago." - Geojit, in its latest reports has mentioned this sector-wise export of agri-products in the country.

Jump in NCDEX

In India, the National Commodity and Derivatives Exchange (NCDEX) has extended the additional surveillance margin of 5% on contracts of guar gum till Dec 24. Additionally, barring coriander, other spices were up on NCDEX on Friday. Turmeric December futures jumped over 3% on firm demand. Short covering moves were seen in jeera December futures.