India’s wheat exports reached 7.85 million tonnes in March in the financial year, traders said, an all-time high and sharp increase from 2.1 million tonnes in the previous year, traders said, as Russia’s invasion of Ukraine hit rival black. Cut off ocean supplies.
Earlier this month, a top government official said that India would export a record 7 million tonnes of wheat in the financial year 2021-22 as a spurt in global prices gave the world’s second-largest grain producer a chance to gain market share.
According to the Indian government, India has achieved its target of exporting 7 million tonnes of wheat on March 21, which is yet to release wheat shipment data for the last 10 days of March.
Traders said shipments of wheat, including cargo sold from land to neighboring Bangladesh, totaled 7.85 million tonnes in 2021-22, surpassing the target of 7 million and reflecting strong exports in the 2022-23 financial year that began on April 1. indicated.
Traders said that apart from Bangladesh, India exported wheat to South Korea, Sri Lanka, Oman and Qatar. Most of the export deals were between $225 and $335 a tonne, he said.
“Business has picked up a lot, and both Mundra and Kandla ports are very busy handling outbound wheat cargo,” said Rajesh Pahadia Jain, a leading New Delhi-based trader.
As war broke out in the Black Sea region, global wheat prices have risen, and supplies from both Russia and Ukraine, which together account for about 29% of global wheat exports, have declined significantly.
Russia calls its actions in Ukraine a “special military operation” to demilitarize the country. Western countries call it an unprovoked war of aggression.
Wheat harvesting is underway in India’s new season, and this year’s production is estimated to be a record 111.32 million tonnes – the sixth consecutive surplus production – encouraging traders to make more export deals.
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