Sunday, June 23, 2024

India’s wheat exports reach 7.85 million tonnes

The world is facing severe foodgrains crises due to the extended Covid-19 pandemic, and the Russia-Ukraine war has only widened the supply deficit. Moreover, the shortage has caused a surge in inflation rates.

India has emerged as a global food supplier in such challenging times with its increased share in wheat exports. India’s wheat exports shot to 7.85 million tonnes in 2021-22, a sharp increase from 2.1 million in the previous year.

As per reports, India had achieved its target of exporting 7 million tonnes of wheat on 21st March, ten days early. A total of 7.85 million tonnes of wheat were sold to India’s neighbouring country, Bangladesh. Apart from Bangladesh, India exported its wheat to South Korea, Sri Lanka, Oman and Qatar.

India’s wheat exports from April-December 2021 were pegged at 5.04 million tonnes against 1.06 million tonnes during the same time in 2020.

The Agriculture Ministry had declared that India would record 111.32 million tonnes of wheat production by the end of the fiscal year. At the same time, India has procured 34917 MT of wheat during the Rabi Marketing Season 2022-23.

While India is the second-largest producer of wheat with 13.53 per cent of the world’s total production, after China, a large portion of the production goes towards domestic consumption.

Hence, India only contributes less than 1 per cent of its wheat production in global wheat exports. Yet, this year, the global shortage of foodgrains and record foodgrains production has pushed India’s wheat exports upwards.

Reason Behind Bumper Wheat Export

Prices of farm commodities were already on a tear before due to the Covid pandemic; however, the Russia-Ukraine war had fueled the dramatic rise in food inflation in the world.

Ukraine and Russia both are among the top wheat exporters in the world. Together they account for 29 per cent of global wheat exports.However, Russia’s Ukraine invasion has created a massive blockage in global markets.

Moreover, the destruction of the supply chain in Ukraine and economic sanctions on Russia crushed both countries’ exports.

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