India looks to fill wheat granaries depleted by Ukraine war in many countries

Published 2023년 4월 4일

Tridge summary

Russia's invasion of Ukraine and Western sanctions have significantly reduced global wheat supplies, leading to a seek for alternative sources. India, a major wheat producer, is considering increasing exports to profit from the higher international prices, despite concerns about prioritizing domestic needs and local prices. However, potential objections from developed nations at the World Trade Organisation could arise if India exports wheat from its stocks. Former Principal Adviser to the Commissioners of the Indian Supreme Court in the Right to Food case, Biraj Patnaik, suggests that the 2014 Bali Ministerial's peace clause does not prevent India from exporting food grains and advises using buffer stocks to stabilize global prices and support Indian farmers, as long as it does not impact domestic consumption.

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

Original content

Russia and Ukraine account for about 25% of the world’s wheat exports. However, Russia’s invasion of Ukraine and the subsequent Western sanctions against Moscow have curtailed their wheat supplies drastically. As a result, many countries which were sourcing wheat mainly from these two nations are now in dire need of alternatives. India, the largest wheat producer after China, is reported to be eyeing the void. The government plans to allow increased exports to cash in on the higher price of wheat in the international market. Food security campaigners however, emphasise the need to prioritise local prices and ensure adequate supplies for domestic consumption before deciding on the quantum of exports. While Russia and Ukraine exported 183 and 91 million tonnes (MT) of wheat, respectively, between 2017 and 2021, India exported a miniscule fraction of its output, or just 12.6 MT in the period. Five other countries accounted for the bulk of wheat exports in this period, including the ...

Source: UkrAgroConsult