India is finalizing negotiations to start exporting wheat to Egypt, the largest grain importer in the Middle East, and is also in talks with Turkey and other countries after the deal Russian military in Ukraine has “upset” the world supply of agricultural products, reports today, March 21, Bloomberg.
The South Asian giant has started negotiations to sell wheat to Bosnia and Herzegovina, Sudan, Nigeria and Iran, India’s Commerce Ministry said in a statement on Sunday.
India is the world’s second-largest grain producer and Bangladesh, with a population of around 170 million, was the biggest buyer of wheat in 2020-21, according to the report.
According to the ministry, the Indian government has assured its Egyptian partners and other potential buyers of agricultural products that it will provide sufficient rail capacity to meet “any immediate increase in wheat export demand”.
Wheat shipments from India more than quadrupled to around 6 million tonnes in the 10 months to January 31, from 1.38 million tonnes a year earlier. The country’s wheat production is expected to hit a record 111.3 million tonnes in 2021-22, up from 109.6 million tonnes a year earlier, according to the local agriculture ministry.
India is considering taking appropriate steps to become the world’s largest wheat exporter amid the situation around Ukraine, Indian financial newspaper Mint pointed out last week. New Delhi is seeking to take advantage of a situation where wheat importers are battling for supplies as the two biggest exporters, Russia and Ukraine, clash.
