India Trade / Agri & Fisheries

India Agri & Fisheries Trade

India is the world's largest exporter of rice and a top-five global exporter of cotton, spices, and marine products. Agricultural and processed food exports represent one of India's most genuine comparative advantages — abundant land, low labour costs, and diverse agro-climatic zones give India a cost competitive edge across a wide basket of commodities.

Rice is the single largest agri export, with India supplying around 40% of global rice trade in recent years. However, the government periodically restricts rice exports to manage domestic food inflation — as it did in 2023 with bans on non-basmati white rice and export duties on parboiled rice — making policy risk a constant companion for the sector.

Marine products (led by frozen shrimp) are India's highest-value agri export per unit, targeting premium markets in the USA, EU, Japan, and China. Vannamei shrimp aquaculture in Andhra Pradesh has transformed India into a global shrimp powerhouse over the past two decades.

Exports — FY 2025-26

$16.5B

▼ 58.6% YoY

Imports — FY 2025-26

$13.1B

▼ 58.5% YoY

Trade Surplus — FY 2025-26

$3.3B

ANNUAL TREND — AGRI & FISHERIES (USD BN)■ Exports■ Imports

Year	Exports	YoY	Imports	YoY	Balance
FY 2025-26	$16.5B	-58.6%	$13.1B	-58.5%	+$3.3B
FY 2024-25	$39.8B	+10.6%	$31.6B	+19.2%	+$8.2B
FY 2023-24	$36.0B	-6.3%	$26.5B	-12.9%	+$9.4B
FY 2022-23	$38.4B	+6.2%	$30.5B	+8.5%	+$7.9B
FY 2021-22	$36.1B	+19.2%	$28.1B	+52.4%	+$8.1B

Top Export Commodities

HS 10 — Cereals

12.8B2.9% of total exports+16.0% YoY

HS 3 — Fish and crustaceans, molluscs and other aquatic i

6.3B1.4% of total exports+2.8% YoY

HS 9 — Coffee, tea, mate and spices

5.4B1.2% of total exports+13.2% YoY

HS 2 — Meat and edible meat offal

4.2B1.0% of total exports+8.5% YoY

Top Import Commodities

HS 15 — Animal or vegetable fats and oils and their cleava

17.6B2.4% of total imports+16.8% YoY

HS 7 — Edible vegetables and certain roots and tubers

5.6B0.8% of total imports+45.9% YoY

HS 8 — Edible fruit and nuts; peel or citrus fruit or mel

4.7B0.7% of total imports+13.1% YoY

KEY POINTS

→India supplies ~40% of global rice trade in good export-policy years
→Frozen shrimp is the highest-value single agri export product
→Spices: India holds a ~35-40% share of global spice trade by value
→Export bans/duties on rice, onions, sugar are a recurring policy risk
→Andhra Pradesh dominates vannamei shrimp production for global markets

INVESTOR ANGLE

KRBL (basmati rice), LT Foods, Avanti Feeds (shrimp feed), Apex Frozen Foods (shrimp exports), Prataap Snacks, and spice companies like MCX-listed futures are the key listed exposures. Policy risk is real — government can ban exports at any time to control domestic prices. Currency is also a significant driver (weaker rupee boosts realisations for dollar-denominated exports).

FREQUENTLY ASKED QUESTIONS

Why does India sometimes ban rice and onion exports?

When domestic prices of essential commodities like rice, onions, or sugar rise due to poor monsoons or supply disruptions, the government restricts exports to increase domestic availability and cool inflation. This political rationale overrides export revenue considerations, making agri exports policy-volatile.

How large is India's shrimp export industry?

India is the world's largest shrimp exporter by volume. The industry is centred in Andhra Pradesh, where millions of acres have been converted to vannamei shrimp ponds. The USA is the largest buyer, followed by China, EU, Japan, and South Korea. Export value exceeds $6-7 billion annually in good years.

What drives India's spice export strength?

India produces and exports a uniquely wide variety of spices — chili, turmeric, cumin, coriander, cardamom, and black pepper — due to its diverse agro-climatic zones. Indian spice producers have centuries of expertise, and Indian varieties (Byadagi chili, Alleppey green cardamom) command price premiums in global markets.

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