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.
| 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 |
- →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
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).