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India bans wheat exports due to high international wheat prices

This content was released on May 14, 2022 – 07:17

New Delhi, May 14 (EFE) .- India has imposed a ban on wheat exports from Saturday, mainly due to the sharp rise in prices of the grain in Ukraine and the threat to Asian food security. , Which will allow exports that are already charged.

“Prevents wheat export policy from taking effect immediately,” the Directorate General of Foreign Trade said in a statement last night, with the exception of “a non-refundable letter of credit has been issued” prior to the announcement.

He also said that the Government of India could grant special permission to export wheat to countries suffering from food shortages so that their needs could be met.

The text states that the move comes in view of the Government of India’s commitment to the food security needs of India, its neighbors and other vulnerable developing countries, which have been adversely affected by the abrupt changes in the global food market. Wheat supply.

The announcement was made on Thursday that the Ministry of Commerce has set a target to reach 10 million tonnes of wheat exports this financial year.

In the last financial year 2021-2022, India broke its record in wheat exports, reaching 7 million tonnes of this grain, valued at over $ 2,000 million, according to the Directorate General of Foreign Trade.

The ban on wheat exports contradicted Indian Prime Minister Narendra Modi’s claim last April that India could feed the rest of the world if the WTO allowed it to do so.

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According to the Ministry of Commerce, India is the second largest producer of wheat, harvesting about 107 million tonnes annually, accounting for 13.5% of world production.

However, the bulk of that harvest was destined for domestic consumption.

Wheat prices have risen since the beginning of the conflict between Russia and Ukraine, as the two countries represent about 30% of global grain exports.

The rise in wheat prices, along with other foods and oil, boosted inflation in India to 7.79% in April, the highest level since May 2014.

In addition, India has been hit by several severe heat waves in recent weeks, reaching as high as 47 degrees Celsius in some parts of the country, which has destroyed its wheat fields and reduced the yield of its crops.

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