India Bans Wheat Exports Due to Heat Wave and Food Supply Concerns
India banned wheat exports on Saturday due to a recent heatwave and food supply concerns.
Recent unregulated exports had led to a rise in local food prices.
In March Hungary announced it would ban all grain exports.
The Food and Agriculture Organization of the United Nations reported earlier this year that the international food price index hit an all-time high in February. Food prices are up 24% from one year ago.
Channel News Asia reported:
India banned wheat exports on Saturday (May 14) days after saying it was targeting record shipments this year, as a scorching heat wave curtailed output and domestic prices hit a record high.
The government said it would still allow exports backed by already issued letters of credit and to countries that request supplies “to meet their food security needs”.
The move to ban overseas shipments was not in perpetuity and could be revised, senior government officials told a press conference.
Global buyers were banking on supplies from the world’s second-biggest wheat producer after exports from the Black Sea region plunged following Russia’s Feb 24 invasion of Ukraine. Before the ban, India had aimed to ship a record 10 million tonnes this year.
The officials added that there was no dramatic fall in wheat output this year, but unregulated exports had led to a rise in local prices.
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Author: Jim Hoft