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Voice of the Commonwealth - The Global Influencer

Voice of the Commonwealth - The Global Influencer

India’s temporary restriction on wheat exports boosts global wheat prices

Mumbai, India (CU)_ The world’s wheat supply has been dropping as a result of the conflict between Russia and Ukraine, which accounts for approximately one-third of global wheat exports, as well as decreased output in countries such as the United States and India owing to adverse weather conditions. According to the estimation of the United States Department of Agriculture, the world’s wheat ending stocks would decline to 278 million tonnes during 2021-2022, which is the lowest level since 2016–2017.

According to the latest announcement from the Indian Directorate General of Foreign Trade, the government has issued a ban on the majority of the nation’s wheat exports. It was anticipated that the news would drive up prices all throughout the world. According to the government, wheat may only be exported for two reasons: if there is an arrangement including an irrevocable letter of credit established before the date of the prohibition, or if the government of India grants permission to other nations to satisfy their food security needs.

hindustantimes.com

The Indian government reduced its wheat output prediction for the 2022-2023 marketing year to 105 million tonnes on May 4 following a heatwave that harmed the crops during the last stages of maturing. In light of the anticipated reduced harvest, the government stated that it is contemplating banning wheat exports. At the beginning of the year, the government expected a record yield of 111 million tonnes, which would have been the seventh consecutive year of record output. India is the second-leading wheat grower in the world, after China.

Although a move to limit wheat exports may help reduce local costs and ensure a sufficient supply for the country’s citizens, it might harm India’s reputation as a trustworthy worldwide wheat supplier. Earlier in April, government officials revealed their intention to export a record 10 million tonnes of wheat during 2022-2023.

deccanherald.com

Last week, India stated that it would send trade delegations to the concerned wheat-importing nations to negotiate commerce. According to German agriculture minister Cem Ozdemir’s statement during a news conference in Stuttgart, “If everyone starts to impose export restrictions or to close markets, that would worsen the crisis.” He added, “We call on India to assume its responsibility as a G20 member.”

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