Despite economic turbulence due to Covid-19, India’s overall food exports since March have increased 27 per cent.
According to the Trade Promotion Council of India (TPCI), the average growth of 27 per cent during the lockdown and the unlock period came on the back of high demand for food-based items.
“The food sector has shown 27 per cent growth. The major markets that have responded well are the US and Canada,” TPCI Chairman Mohit Singla said at the Indo-Canadian virtual “buyer-seller meet (BSM) on food & beverages.”
He said exports in June against year-ago month had declined by only 4 per cent.
“We exported almost Rs 166,000 crore merchandise. It shows the Indian market has bounced back and the international market is responding well to Indian exports,” he said. Recently, official data showed India emerged as a net exporter in June. The country recorded $0.79 billion trade surplus in June against $15.28 billion deficit during the same period of 2019.
On the Indo-Canadian food trade, Singla said, “Canada can be an important market for the Indian F&B industry as it has a large population (approx 2.4 million) of Indian diaspora. Outreach to the mainstream market is the biggest challenge for the Indian F&B industry.”