India's beef exporters suffer losses of $668 million
The second quarter of the year shows a grim image for the beef industry in India. Losses may come to $668 million according to sources from the industry. Beef exports have dropped dramatically due to lockdown measures applied not only in India but also in some of the key markets in SE Asia and the Middle East. "We are making this estimate based on the kind of order book we would have if things would have been normal. Obviously, there will be effects on demand as everything was closed – right from hotels, restaurants to schools and offices", commented Fauzan Alavi, spokesperson for All India Meat & Livestock Exporters Association (AIMLEA), in an interview for Salaam Gateway.
The last financial year that ended on March 31, 2020, also saw India’s beef export (almost all buffalo) falling to $3.18 billion from $3.61 billion recorded in the previous year (2018-19), a drop of close to 12% in value terms, according to official agency APEDA. India exported 1,152,547.31 tonnes of beef in the last financial year against 1,236,638.40 tonnes in the previous fiscal year.
Nevertheless, the drop in production end export for the second quarter of the year is estimated at 10% and could aggravate due to market conditions.
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