India’s wheat exports increase as a result of the Russo-Ukrainian war
New Delhi:
India’s wheat exports have surged after a spike in global prices as a result of Russia’s war with Ukraine, as total exports from the country hit a record 6.6 million tonnes in the current fiscal. .
This information was given by food secretay Sudhanshu Pandey on Saturday.
Speaking to the media, Mr Pandey said that the prevailing global situation is an “opportunity” for Indian exporters as the new wheat crop will be available from 15 March onwards compared to producers. other global wheat.
India is the second largest wheat producer in the world.
Russia and Ukraine account for nearly a quarter of the global wheat supply. Their wheat crop will ripen in August and September this year. As a result, global wheat prices have increased and are in the range of Rs 24,000-25,000 per tonne, he added.
“As a result, India’s wheat exports have increased. As of the end of February, we have exported 6.6 million tonnes of wheat,” the food minister said in a virtual press conference.
So far, wheat exports have surpassed the historic high of 6.5 million tonnes previously reached in fiscal 2012-13, he said.
“It’s still a month away, you can expect around 7 million tonnes plus exports this year,” he said, adding that this is good news for Indian farmers and exporters.
India’s wheat production is estimated to hit a new record of 111.32 million tonnes in crop year 2021-22 (July-June) from 109.59 million tonnes the previous year, according to estimates. before Monday by the Department of Agriculture.
Wheat, the main rabi (winter) crop, will start hitting the market from March 15 onwards. The country also has a surplus of wheat on government ranches.
Other global players will enter the market later after the end of their summer.
“We will have enough wheat in stock and the new crop will also be offered to private companies for normal export,” he added.
When asked about the export of other commodities, the minister said sugar exports are also expected to reach 7.5 million tons in the market year 2021-22 (October-September), much higher than 2 million tons last year due to a sharp increase in world prices.
He added that India’s demand for sugar is increasing not because of the Russia-Ukraine crisis but due to the tight supply of sweeteners for export purposes in the global market which has pushed up the international exchange rate. high.
