April is the first month of the financial year. India, the world’s second largest wheat producer, exported a record 7 million tonnes of food grains in the financial year 2021-22.
India is the only major supplier of wheat at this time of year, and grain exports have soared since Russia invaded Ukraine in late February.
It exported only 242,857 tonnes of wheat in April 2021.
With the collection of the new season crop in April, the consignment of wheat may increase further this month.
“In May, shipments may increase to 1.5 million tonnes,” said a New Delhi-based dealer with a global trading firm. “Wheat supply and availability of railway cars have improved in the last few weeks and this will help in sending more wheat in May.”
He said buyers from Asia and the Middle East are buying Indian wheat as it is cheaper than the alternatives.
India has exported wheat to South Asia, South East Asia, Middle East, Europe and North Africa.
As supplies fell from Ukraine and Russia, which together accounted for about 29% of global wheat exports, Egypt, the top wheat importer, agreed to buy grain from India for the first time.
Traders said India also exported wheat to other new markets such as Israel, Turkey, Indonesia, Mozambique and Tanzania.
In addition, the United Nations World Food Program supplied wheat from India to supply to Somalia, Kenya and Djibouti.
In April, Indian traders signed wheat export deals worth between $295 and $340 a tonne, said Rajesh Pahadia Jain, a New Delhi-based trader.
No comments:
Post a Comment