Indian Govt Bans Wheat Export With Immediate Effect To Control Local Prices

India has banned wheat exports with immediate effect, according to a government notification issued late Friday, as the world’s second-largest wheat producer attempts to stabilise domestic prices.

Wheat shipments are permitted for letters of credit that have already been approved, according to the ministry.

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After shipments from the Black Sea area plummeted after Russia invaded Ukraine in late February, global consumers were counting on India for wheat supply.

Wheat and wheat products prices in the nation have increased by 15-20%, while worldwide wheat prices have reached a 14-year high. The continuing geopolitical turmoil—conflict Russia’s on Ukraine, which has resulted in major supply disruptions—is driving up global wheat prices.

Wheat prices are rising in the United States due to several causes. International wheat prices and growing gasoline costs, for example, have a spillover effect on ethanol-producing commodities like maize and wheat. The demand for wheat to be exported is increasing as global wheat prices rise.

Wheat and wheat products prices in the nation have increased by 15-20%, while worldwide wheat prices have reached a 14-year high. The continuing geopolitical turmoil—conflict Russia’s on Ukraine, which has resulted in major supply disruptions—is driving up global wheat prices.

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Wheat prices are rising in the United States due to several causes. International wheat prices and growing gasoline costs, for example, have a spillover effect on ethanol-producing commodities like maize and wheat. The demand for wheat to be exported is increasing as global wheat prices rise.

(With PTI Inputs)

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