Agri Picks Report April 18, 2024: Geojit Financial Services

commodities

Geojit Financial Services's report on Daily Agri Picks

India's exports of fruits, vegetables, and spices rose in March on a year-on-year basis, while those of oilmeals declined during the same period, according to data released by the commerce ministry. In the financial year ended March, exports of fruits, vegetables, spices and oilmeals rose on year, according to the data. India's exports of fruits and vegetables were up 2.9% on year in March at $429.6 mln. Exports of spices rose 51% on year to $575.6 mln in the same period. Exports of oilmeals fell 45.2% on year to $142.4 mln and oilseed exports fell 23.3% on year to $134 mln. Exports of fruits and vegetables were up 13.9% on year at $3.65 bln during 2023-24 (AprMar), and spices were up 12.3% on year at $4.25 bln during the same period. Rice exports were a tad down by 2.9% on year in March at $1.09 bln, and exports of other cereals fell 66% on year to $28.2 mln. In the financial year, rice and other cereals were down 6.5% and 56.6% on year, respectively, at $10.41 bln and $517.8 mln. Gems and jewellery exports fell 4.6% on year to $2.6 bln in March, and 13.8% on year in the financial year to $32.7 bln. Exports of meat, dairy, and poultry products rose 8.7% on year to $415.3 mln and 12.3% on year in the full year to $4.52 bln. Coffee exports rose 40% on year in March to $189.6 mln and tea exports gained 27% on year to $73.2 mln. In the Apr-Mar period, coffee exports rose 12.2% on year to $1.28 bln and tea exports rose 1% on year to $826.1 mln. Southwest monsoon rains, seen crucial for the Indian economy, are likely to kick off the season on a weak note due to the persisting El Nino phenomenon, but will catch up during the four months ending September riding the favourable La Nina, says private weather forecaster Skymet's President G.P. Sharma. In what bodes to be good news for the agrarian sector, the spatial distribution of rainfall over India is likely to be better than last year, says Sharma.

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18042024 - co