An Overview: Adapting to New Export Realities

Madhya Pradesh, a significant contributor to India's exports, saw a slight dip in export value for 2023-24. Export restrictions on key commodities like rice, wheat, and onion aimed to control domestic inflation but impacted the state's export performance. Despite this, the state showed resilience, especially in the pharmaceutical and soy sectors.

In FY 2023-24, exports from Madhya Pradesh dropped by 0.95% compared to the previous year. This decline was mainly due to government restrictions on certain agricultural exports. Despite the drop, Madhya Pradesh maintained a notable presence, ranking 15th among Indian states, contributing 1.80% to India's total exports.

Cereal Exports Decline and Sectoral Growth

Cereal exports, usually over 10% of Madhya Pradesh's total exports, fell sharply by 135% in FY 2024. This significant decline resulted from export restrictions on rice, wheat, and onion. Despite these challenges, the pharmaceutical and soy sectors showed impressive growth. Pharmaceutical products topped the export list, followed by cloth, grains, machinery, aluminum, and plastics. Specifically, pharmaceutical exports increased by 18%, soy residues by 26%, and cotton by 12%.

Key Export Figures and Top Importing Countries

• Pharmaceutical Products: Exports reached $158.4 million.
• Soy Residues: Export value was $78.4 million.
• Cotton: Exports were valued at $60 million.
• Machinery: Exports totaled $58.4 million.
• Readymade Garments: This sector saw exports amounting to $52 million.

The main importers of Madhya Pradesh's goods included the United States, Bangladesh, China, UAE, Netherlands, South Africa, France, Saudi Arabia, Nepal, and Germany. These countries play a crucial role in absorbing the state's diverse export portfolio.

Conclusion

Although overall export figures stagnated due to agricultural export restrictions, Madhya Pradesh demonstrated resilience and growth in other sectors. The impressive performance in pharmaceutical, soy, and cotton exports highlights the state's potential and adaptability in facing challenges.