According to reports, the Ukraine issue may provide India with an opportunity to export more wheat on global markets, and domestic exporters should take advantage of this opportunity.
India’s core pool was 24.2 million tonnes, which was twice as much as the buffer and strategic needs. Russia and Ukraine export more than a fifth of the world’s wheat. Russia is the world’s largest wheat exporter, accounting for about 18 percent of global exports.
Ukraine-Russia conflict may allow India to excel as Wheat Exporter
Egypt is the world’s largest wheat importer. It spends around $4 billion every year to feed its population of almost 100 million people. More than 70% of Egypt’s imported wheat need is met by Moscow and Ukraine. Turkey is also a large buyer of Russian-Ukrainian wheat, with those two countries accounting for 74% of Turkey’s $1.6 billion in imports in 2019.
“The Ukraine issue may offer India with an opportunity to export more wheat, provided we ship out more,” the sources noted. “Our central pool stood at 24.2 million tonnes, twice as much as the buffer and strategic needs.” Animal and vegetable fats and oils are India’s most important import from Ukraine.
“However, the current situation will have no negative influence on India‘s trade position because this commodity accounts for barely 10% of India’s overall imports of this item from around the world,” one of the people said. Russia ($7.9 billion), the United States ($6.32 billion), Canada ($6.3 billion), France ($4.5 billion), and Ukraine ($3.6 billion) are the top five exporters of wheat in terms of monetary value.