Bangladesh: Wheat imports from war-torn Russia, Ukraine at 5-year high

Published Jul 11, 2024

Tridge summary

Bangladesh has successfully restored its wheat procurement from global sources, including Russia and Ukraine, despite the ongoing war between those countries. This development is crucial following India's export ban, which further disrupted global wheat supplies. In the fiscal 2023-24, Bangladesh's wheat imports have reached a five-year peak, exceeding 68 lakh tonnes, with 50% of the supply coming from Russia. The country has diversified its sources, also importing wheat from Ukraine, Romania, Bulgaria, and Uruguay. The return of stability in the Red Sea and improved global wheat prices have aided in the recovery of the local wheat market. Despite these positive developments, local prices remain high due to the strong dollar. The Black Sea Grain deal played a key role in restoring grain exports, and the forecast of increased wheat production in Argentina, Australia, and Russia is expected to further stabilize the international wheat market.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Infograph: TBS Bangladesh has managed to restore the majority of its wheat procurement from two reliable global sources, Russia and Ukraine, despite the countries being at war. The wheat import became even more critical because India, an important wheat source, banned exports after the war had begun, and the ban is still in place. The grain’s total import now stands at a five-year peak in the fiscal 2023-24. According to the Ministry of Food, wheat imports in FY24 exceeded 68 lakh tonnes, with around 50% shipped from Russia through both government procurement and private imports. Of the government’s 10 lakh tonnes of imports, 8.5 lakh tonnes originated from Russia, with the remainder sourced from Ukraine, Romania, Bulgaria, and Uruguay. This marks a relief from over-reliance on Indian wheat, as the abrupt ban in May 2022 had ...