India restricts wheat exports again

Published 2022년 8월 27일

Tridge summary

The Indian cabinet has imposed export restrictions on wheat flour products to control rising domestic food prices. This decision follows a mid-May government ban on wheat exports due to a heat wave that damaged crops and led to record high domestic prices. The ban has resulted in a significant increase in demand for wheat flour and a surge in exports, further driving up market prices. India, the world's second-largest wheat producer, had set a record export target of 10 million tonnes of wheat this year, with a large portion intended for developing countries like Indonesia, the Philippines, and Thailand. The country's wheat reserves, used as a buffer against global hunger, have been depleted by the free distribution of food during the Covid-19 pandemic.

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Original content

The Indian cabinet has approved export restrictions on flour products to ease food prices in the domestic market. Earlier, in mid-May, the Indian government banned wheat exports as a heat wave reduced output and domestic prices reached record highs. The immediate ban has boosted demand for wheat flour amid a 200% increase in exports in the April-July period compared with the same period last year, and pushed up market prices. inland. Wheat prices rose to a record 24,500 rupees ($307) a tonne this week in India, the world's second-largest wheat producer. This is up nearly 20% from recent lows following the government's surprise export ban on May 14, ending hopes India could fill a market gap caused by labor exports. slopes from the Black Sea region after the Ukraine-Russia crisis in February. Before the new ban, India set a record export target of 10 million tonnes of wheat this year. Much of that will go to developing countries like ...

Source: Agriculture