Agri Picks Report March 19, 2024: Geojit

commodities

Geojit's report on Daily Agri Picks

India's non-basmati rice exports plunged 29% on year to $3.68 bln in Apr-Jan, accounting for over 18% of the total exports of agricultural products, according to data collated by the Agricultural and Processed Food Products Export Development Authority. In terms of volume, non-basmati rice exports fell to 9.12 mln tn in Apr-Jan from 14.56 mln tn in the same period last year. The government banned exports of non-basmati white rice on Jul 20 due to rising domestic prices and concern relating to El Nino. However, exports of white rice would be permitted to other countries to meet their food security needs based on the requests of foreign governments. Basmati rice exports rose 20% on year to $4.58 bln in Apr-Jan and accounted for 23% of the total exports of agricultural products. In terms of volume, basmati rice exports rose to 4.10 mln tn from 3.65 mln tn in the year-ago period, the data showed. Basmati and non-basmati rice together accounted for 41% of the total value of agricultural exports in Apr-Jan. The total exports of farm products and processed foods fell 8% on year to $20.03 bln in Apr-Jan from $21.80 bln in the corresponding period a year ago. Exports of meat, dairy, and poultry products rose above 10% on year to $3.69 bln in Apr-Jan. Exports of processed fruits and vegetables rose 10% on year to $1.78 bln in Apr-Jan. The data also showed that pulses exports rose nearly 7% on year to $508 mln in Apr-Jan. Groundnut exports gained 8% on year to $690 mln. Exports of guar gum fell nearly 18% on year to $437 mln. India is the world's largest producer of guar gum.

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