Indian groundnuts gain momentum on robust demand from Southeast Asia

In the fiscal year 2023, India's groundnut exports reached a new record high, and the current financial year has started positively with strong demand from major South Asian countries, the primary buyers. The lower crop in Argentina has been advantageous for Indian exporters, allowing them to gain overseas market share, while also benefiting from increased domestic production. During April-May of the current fiscal year, groundnut shipments have shown a remarkable growth of 54% in dollar terms, amounting to $163 million compared to $106 million in the same period of the previous fiscal year. In rupee terms, the shipments increased by 65% to ₹1,338 crore (₹813 crore), and the volumes rose by 46% to 1.22 lakh tonnes (84,114 tonnes), as reported by the latest data from APEDA. The US Department of Agriculture's oilseeds July outlook predicts that India's peanut exports for the 2022-23 marketing year ending in September will be 8.5 lakh tonnes, up from the previous year's 7.5 lakh ...