In the initial half of the current fiscal year, there has been a remarkable surge of 64% in the revenue generated from the export of agricultural and food products, significantly impacting the balance between export earnings and import expenditures for our nation.
The aggregate income derived from the sale of agricultural and food items soared to $3.847 billion from July to December 2023-24, showcasing a substantial increase compared to the $2.345 billion recorded during the corresponding period the previous year. This upswing in earnings is viewed as a pivotal and advantageous development for the economic landscape of our country.
During this specific timeframe, the overall value of exports, encompassing a diverse range of goods, witnessed a positive uptick of 5.17%, reaching $14.98 billion. Simultaneously, the value of imports, representing commodities procured from other nations, witnessed a significant decrease of 16.28%, amounting to $26.13 billion.
This positive trajectory brings promising news, indicating that our nation is not only augmenting its revenue from the sale of goods but also curbing expenses on imports. Consequently, this has contributed to a noteworthy shrinkage in the trade deficit, diminishing by 34.3% to $11.14 billion in the initial half.
Despite the surge in the sale of agricultural and food products, the data suggests that the prices of these items did not experience a substantial rise. Particularly noteworthy is the substantial growth in earnings attributed to the export of rice, nearly doubling in the initial six months.
Rice exports amassed $1.64 billion during this period, showcasing a remarkable increase of 96% compared to the $841 million recorded the previous year. Exporters express optimism that, with continued government support, rice exports have the potential to reach an impressive $10 billion.
Other products also witnessed notable increases in exports, including maize (corn), sesame seeds, and ethyl alcohol. Maize exports tripled to $262 million, sesame seeds export increased by 273% to $364 million, and ethyl alcohol export surged by 497% to $259 million. Meat exports also experienced a rise of 23%, reaching $239 million. However, the export of fats and oils derived from animals or plants decreased to $15 million from $51 million in the first half of the preceding fiscal year.
