In the fiscal year 2023, India’s groundnut exports achieved a historic peak, and the ongoing financial year has commenced on a positive note due to robust demand from key South Asian nations, the primary buyers.
The reduced crop in Argentina has proven advantageous for Indian exporters, enabling them to expand their market share overseas while also benefiting from increased domestic production. According to the latest data from APEDA, groundnut shipments during April-May of the current fiscal year have shown remarkable growth, with a 54% increase in dollar terms, reaching $163 million compared to $106 million in the same period of the previous fiscal year. In rupee terms, the shipments surged by 65% to ₹1,338 crore against ₹813 crore in previous year, and the volumes rose by 46% from 84,114 tonnes to 122 KMT.
The remarkable growth of India’s groundnut exports in the fiscal year 2023, coupled with a positive start in the ongoing financial year due to robust demand from key South Asian nations, has led to a historic peak in exports. The advantage gained from the reduced crop in Argentina has allowed Indian exporters to expand their overseas market share, while also benefiting from increased domestic production.
During FY23, Indian groundnut exports achieved a record-breaking milestone, reaching an all-time high of $831.6 million, which represents an impressive 32% surge compared to the previous fiscal year’s export value of $629.27 million. In terms of rupees, the exports demonstrated substantial growth, rising by 43% to ₹6735 crore against ₹4697 crore in previous year, and the volumes saw a significant increase of 30% from 514 KMT to 668 KMT.
During FY23, Indian groundnut exports achieved a record-breaking milestone, reaching an all-time high of $831.6 million, which represents an impressive 32% surge compared to the previous fiscal year’s export value of $629.27 million. In terms of rupees, the exports demonstrated substantial growth, rising by 43% to ₹6735 crore against ₹4697 crore in previous year, and the volumes saw a significant increase of 30% from 514 KMT to 668 KMT.
In FY23, Indonesia emerged as the largest purchaser of Indian groundnuts, accounting for more than a third of the total shipments. Vietnam, the Philippines, Malaysia, and Thailand were among the other notable buyers. Additionally, significant demand came from countries such as the UAE, Bangladesh, Iran, China, Afghanistan, Russia, and Nepal.
B V Mehta, Executive Director of the Solvent Extractors Association of India, the apex body for edible oils, highlighted that Indian groundnuts, primarily consumed as table nuts, are experiencing significant demand in international markets. Both exports and domestic consumption of Indian groundnuts have been on the rise. Notably, the demand for Indian groundnuts tends to surge when the crops in other exporting countries, such as Argentina and Senegal, face a decline. This presents a favorable opportunity for Indian exporters to meet the increased global demand for groundnuts
After facing a decline to $473 million in 2018-19, Indian groundnut exports underwent a remarkable rebound, reaching a new high in 2022-23. The earlier record in dollar value was set in 2016-17, with shipments amounting to $811 million and volumes peaking at 725 KMT. According to the third advance estimates, groundnut production for 2022-23 in India is projected to be a record-breaking 10.2 million tonnes, surpassing the previous year’s production of 10.13 million tonnes.
In FY23, Indian groundnut exports reached a historic high of $831.6 million, surging by 32% compared to the previous fiscal year. Robust demand from South Asian nations, reduced crop in exporting countries like Argentina, and increased domestic production fueled this growth. Indonesia is the largest buyer, followed by Vietnam, the Philippines, and others. The future looks promising with a record groundnut production of 10.28 million tonnes in 2022-23.