This might be the best time for India’s wheat export. This year alone, India is likely to export around 7 million tonnes.
Until February 2022, India has been struggling to export wheat overseas due to the annual increase in prices offered by the central government. It made Indian farmers price their wheat higher than their global competitors.
With the war blocking the crucial Black sea trade route, Europe is looking to import wheat from South Asian countries, and this puts India in a favourable position.
Globally, Russia and Ukraine are the world’s second-largest and fourth-largest exporters of wheat. Combined, Ukraine and Russia make up about 30 per cent of global wheat exports.
India’s wheat production is estimated to touch a new record of 111.32 million tonnes in the 2021-22 crop year (July-June) as against 109.59 million tonnes in the previous year, as per the Agriculture Ministry’s second advance estimate.
Lately, domestic wheat prices have seen an increase of Rs 300 per quintal to Rs 2,300 per quintal. This trend is likely to continue till the arrival of new supply from April onwards.
