Despite a fall in exports from $55 billion in 2022 to $51 billion, India remained the world's eighth-largest agricultural exporter in 2023

Description

Despite a fall in exports from $55 billion in 2022 to $51 billion, India remained the world's eighth-largest agricultural exporter in 2023. This consistency comes despite a general reduction in agricultural exports by seven of the top 10 exporting countries.

Key Insights From WTO Trade Statistics 2023

The WTO's Trade Statistics 2023 report shows that only three of the top ten countries—Brazil, the European Union (EU), and Thailand—increased agricultural exports in 2023. Brazil witnessed a 6% growth to $157 billion, keeping third place, while the EU's exports increased by 5% to $836 billion, retaining first place. Thailand's exports increased by 0.2%, although it still ranks outside the top three.

The Impact Of Geopolitical Factors

India's export decline can be assigned to geopolitical factors such as the Red Sea crisis and the ongoing Russia-Ukraine conflict, which influenced global trade dynamics. India also implemented export bans on wheat (May 2022), non-basmati rice (July 2023), and sugar (October 2023), which contributed to the overall drop in agricultural exports.

Ranking Of Other Top Exporters

Despite a reduction to $198 billion, the United States remained in second place. China, ranked fourth, had a small decline to $95 billion. Other countries in the top ten are Canada, Mexico, Indonesia, and Australia.

New Digital Tools For Trade Data

The WTO's 2023 report presents a new interactive platform for analyzing international trade statistics. This tool allows users to examine and analyze global trade patterns by value and volume, with filters for economy, region, and product group.

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