After scaling a new high in fiscal 2023, India’s groundnut exports are off to a good start in the current financial year on robust demand from South-East Asia, a major buyer. A lower crop in Argentina is seen helping Indian exporters gain markets overseas, supported by growing domestic production.
Groundnut shipments have registered a 54% growth in dollar terms at USD 163 million during April-May of the current fiscal, over the same period last fiscal’s USD 106 million. In rupee terms, the shipments are up 65% at INR 1338 crore (INR 813 crore), while the volumes are up 46% at 1.22 lakh tonnes (84,114 tonnes), as per the latest data from APEDA.
The US Department of Agriculture in its latest oilseeds July outlook has projected India’s peanut exports for the 2022-23 marketing year ending September at 8.5 lakh tonnes, up from the previous year’s 7.5 lakh tonnes. For Argentina, it has pared the outlook for peanut exports to 7 lakh tonnes from the previous year’s 8.25 lakh tonnes on lower crop in South America.
As per the APEDA data, during FY23, Indian groundnut exports touched a new high at USD 831.6 million, up 32% over the previous fiscal’s USD 629.27 million. In rupee terms, the exports were up 43% at INR 6735 crore (INR 4697 crore). Volumes during FY23 were up 30% at 6.68 lakh tonnes (5.14 lakh tonnes).
Indonesia was the largest buyer of Indian groundnuts during FY23 accounting for over a third of the shipments, followed by Vietnam, the Philippines, Malaysia, and Thailand among others. Other large buyers include UAE, Bangladesh, Iran, China, Afghanistan, Russia, and Nepal.
Indian groundnuts, which are primarily consumed as table nuts are in great demand overseas. Over the years the exports are rising and so also, the domestic consumption” said B V Mehta, Executive Director, Solvent Extractors Association of India, the apex body for edible oils. The demand for Indian ground nuts goes up when the crop is low in other exporting countries such as Argentina and Senegal, Mehta added.
From a low of USD 473 million in 2018-19, Indian groundnut exports have rebounded to touch a new high in 2022-23. The previous high in dollar value terms was in 2016-17 when shipments had touched USD 811 million, when volumes had peaked to 7.25 lakh tonnes. India’s groundnut production for 2022-23 is seen at a record 102.82 lakh tonnes, as per the third advance estimates, over the previous year’s 101.35 lakh tonnes.
Source: The Business Line
