The government is allowing export of wheat to those exporters who have irrevocable letters of credit (L/C) before May 13.
Due to the Russo-Ukraine war, the supply of wheat in the global markets has been severely affected. Both the countries are major producers of wheat. Russia-Ukraine account for about 25 percent of the global wheat supply.
Exporters having valid L/C are required to register with the regional authorities of DGFT to obtain Contract Registration (RC) for export of their consignments.
The official said that so far RC has been issued for exporting about 16 lakh tonnes of wheat. The official said that Russia has started exporting wheat through Turkey. This is expected to stabilize its prices in the global markets.
India’s wheat exports in value terms stood at $2.05 billion in the financial year 2021-22. In the last financial year, Bangladesh’s share in India’s total exports was about 50 percent.
Bangladesh, Nepal, United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman and Malaysia are among the top 10 countries to buy wheat from India in the last financial year.
India is the second largest producer of wheat. But India’s share in global wheat exports is less than one percent. In 2020, the share of India in the total production of wheat in the world was 14 percent. India produces about 107.5 million tonnes of wheat annually.
Source: navbharattimes.indiatimes.com
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