Peanut Prosperity: India's Export Triumph in Southeast Asia
In peanuts, the tide has turned favourably for peanut farmers in India. The buzz in the market is about the soaring demand for Indian peanuts in foreign lands, particularly across the vibrant landscapes of Southeast Asia. It's déjà vu for those who recall last year's lucrative peanut prices, as this season, too, shows promise, with prices on an upward trajectory since the inception of the fiscal year. A silver lining on the global horizon is now India's to savour, and the principal catalyst behind this boon is none other than Argentina, the reigning champion of peanut production worldwide.
Among the discerning peanut enthusiasts, Indonesia and Vietnam occupy the front row as India's top peanut purchasers. Followed closely by the Philippines, Malaysia, and Thailand, these nations lead the peanut parade. Heavyweight buyers, including the UAE, Bangladesh, Iran, China, Afghanistan, Russia, and Nepal, add to the accolades.
Experts attribute this fervent demand for peanuts and peanut-based products to the burgeoning consumption rates within India and the rapidly increasing international appeal. The prime beneficiaries of this peanut bonanza are India and Argentina, two nations boasting the highest peanut production figures. Argentina's woes, characterized by drought and plummeting production, are a boon for India and its enterprising farmers. The favorable rates received for groundnuts last year spurred increased farming efforts this season.
It's a tale as old as time—when the world's major peanut-producing countries witness a drop in production, India reaps the rewards. Countries like Argentina and Senegal, where peanuts are cultivated extensively, are grappling with crop yield setbacks. Argentina's peanut harvest has already concluded, and India is capitalizing on the opportunity to meet the heightened demand. In a conservative estimate, India's groundnut production for this season is poised to reach a record-breaking 10.282 million tonnes, an ascent from the previous year's figure of 10.135 million tonnes. The stage is set, and the spotlight is firmly on India, emerging as a global peanut powerhouse, with Southeast Asia beckoning as its playground.
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54 percent surge
As the numbers translate, Indian peanut exports have witnessed a spectacular 54 percent surge when viewed in terms of dollars. The spotlight falls on April and May of the current fiscal year, with peanut exports from India reaching a staggering $163 million during these two months. In contrast, in the same period in the preceding year, they accounted for $106 million in exports. Regarding the Indian rupee, the export value of groundnuts reflects an even more remarkable 65 percent increase. In tonnage, India has dispatched 1,22 million tonnes of groundnuts overseas this year. The US Department of Agriculture projections emphasize that India should target the export of 8,5 million tonnes of peanuts this year, surpassing the previous year's 7,5 million tonnes. On the other hand, Argentina has set a target of seven lakh tonnes.Among the discerning peanut enthusiasts, Indonesia and Vietnam occupy the front row as India's top peanut purchasers. Followed closely by the Philippines, Malaysia, and Thailand, these nations lead the peanut parade. Heavyweight buyers, including the UAE, Bangladesh, Iran, China, Afghanistan, Russia, and Nepal, add to the accolades.
Experts attribute this fervent demand for peanuts and peanut-based products to the burgeoning consumption rates within India and the rapidly increasing international appeal. The prime beneficiaries of this peanut bonanza are India and Argentina, two nations boasting the highest peanut production figures. Argentina's woes, characterized by drought and plummeting production, are a boon for India and its enterprising farmers. The favorable rates received for groundnuts last year spurred increased farming efforts this season.
It's a tale as old as time—when the world's major peanut-producing countries witness a drop in production, India reaps the rewards. Countries like Argentina and Senegal, where peanuts are cultivated extensively, are grappling with crop yield setbacks. Argentina's peanut harvest has already concluded, and India is capitalizing on the opportunity to meet the heightened demand. In a conservative estimate, India's groundnut production for this season is poised to reach a record-breaking 10.282 million tonnes, an ascent from the previous year's figure of 10.135 million tonnes. The stage is set, and the spotlight is firmly on India, emerging as a global peanut powerhouse, with Southeast Asia beckoning as its playground.
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