Why India's farm exports may face headwinds

Both agricultural exports from and imports into India have scaled new highs in the fiscal year that ended March 31, 2023. Provisional data from the Department of Commerce shows total farm exports at $53.15 billion and imports at $35.69 billion during 2022-23, surpassing their previous year's records of $50.24 billion and $32.42 billion respectively. The resultant agricultural trade surplus has marginally dipped from $17.82 billion to $17.46 billion. The surplus narrows further if one adds the import of fertilizers, which have risen from $14.17 billion in 2021-22 to $17.21 billion in 2022-23. The drivers - global prices The chart shows…