India restricts wheat exports

Exceptions are made for deliveries under letters of credit already issued, as well as “to meet the needs of other countries” at the request of their authorities and with the permission of the Government of India. In other cases, export is prohibited, the decision has already entered into force.

how noted Bloomberg agency, analysts expected that India would be able to take the place of Ukraine in the wheat market. Indian authorities planned to export a record 10 million tons of wheat in 2022-2023 amid growing demand, reported country’s ministry of commerce.

India is the largest producer of wheat after China, its share is 13.5%, while most of the production goes to the domestic market (the country’s share in global exports is less than 1%). India produces 107.59 million tons of this product annually. In 2021, only 7 million tons of wheat were exported, of which about half went to Bangladesh.

The threat of a food crisis

22 March UN Secretary General António Guterres declaredthat the situation in Ukraine and its financial and economic consequences threaten the world with global hunger due to rising prices for food, fertilizers and energy.

By data Food and Agriculture Organization of the United Nations (FAO), Ukraine is the world’s fifth wheat exporter, accounting for 10% of the global market. The country is also one of the leading suppliers of corn with a market share of around 15%.

Russia is the world’s leading wheat exporter with 17% of world exports, and the second largest supplier of sunflower seeds. The Black Sea region exports at least 12% of the “world food calories”, including wheat, corn, other grains, sunflower oil. A significant share of exports – about 40% in the case of wheat – goes to Africa and the Middle East.

  • Ukrainian President Volodymyr Zelensky asked the United States to transfer reusable high-precision drones, multiple rocket launchers (MLRS) and anti-ship missiles to Kyiv to protect Ukrainian ports, told May 5 US Senator Jason Crowe. According to him, now there are 12 million tons of food in Ukrainian ports. The senator added that Ukraine faced a problem with the supply of food due to the threat of attacks on ports.

  • Zelensky at the end of March said that due to the special operation of Russia, the export of corn, vegetable oil and other goods is disrupted. French President Emmanuel Macron noted that some states are suffering from a shortage of grain crops from Russia and Ukraine.

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