Amidst Global Economic Crisis, India’s Wheat Export Hits New Records

India’s wheat export hit 7.85 million tons this financial year, an unsurpassed high and a sharp increase from 2.1 million tons in the previous financial year, according to traders, as Russia’s intrusion of Ukraine removes rival Black Sea supplies.

Recently, a top government official said India exported a record 7 million tons of wheat in the 2021-22 financial year. The surge in the global prices allowed the world’s second biggest producer of the grain a valuable opportunity to acquire a significant portion of the overall market share.

India accomplished its objective of exporting 7 million tons of wheat on March 21, as indicated by the Indian government. According to traders, wheat shipments, including cargoes offered to adjoining Bangladesh via land, totaled 7.85 million tons in 2021-22, outperforming the objective of 7 million and showing strong exports signals for financial year 2022-23, beginning April 1.

Other than Bangladesh, India exports wheat to Sri Lanka, South Korea, Oman and Qatar, among others. Most commodity bargains were endorsed at somewhere in the range of USD 225 and USD 335 a ton, traders said.

“Business has been extremely lively, and both Mundra and Kandla ports have been exceptionally bustling dealing with outbound wheat cargoes,” said Rajesh Paharia Jain, a leading New Delhi-based trader.

As war scourges the Black Sea region, global wheat costs have inflated, and supplies from both Russia and Ukraine, which together record for around 29 per cent of worldwide wheat trades, have dropped significantly.

India’s new season wheat harvest is in progress, and the current year’s production is fixed at a record 111.32 million tons – the sixth consecutive surplus output – empowering traders to secure more export deals.