Indian groundnuts gain momentum on robust demand from Southeast Asia
Peanut Kernel
India
Published Jul 18, 2023
Tridge summary
India's groundnut exports reached a record high in the fiscal year 2023 due to strong demand from major South Asian countries and the advantage of lower crop in Argentina. During April-May of the current fiscal year, groundnut shipments showed remarkable growth in dollar and rupee terms, with volumes increasing as well. The US Department of Agriculture predicts that India's peanut exports for the 2022-23 marketing year will increase, surpassing Argentina's exports due to its lower crop.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
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 ...
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