India's wheat exports are projected to quadruple

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Mumbai: India's wheat exports are projected to quadruple in the current calendar year as compared to last year. If this happens, it will be the highest level in the last eight years. As a result of the rise in global wheat prices and high freight costs, Indian wheat is becoming available in Asian markets at competitive prices, government sources said.

Growth in exports will help reduce wheat shipments in the country and help buyers in Asia get cheaper wheat. Wheat prices have risen globally due to supply shortages from Russia and Canada, the major wheat exporters.

In the current year, India's wheat exports are expected to be around 3 lakh tonnes, the highest since 2014. Indian wheat is also in good demand for human consumption and animal feed.

In the first eight months of the current year, wheat exports grew by 8% year-on-year to 30.50 lakh tonnes. Demand for Indian wheat from Asian countries, including Bangladesh, Sri Lanka, Indonesia, the UAE and Nepal, has also increased, government sources said.

Compared to Russia and Ukraine, buying wheat from India saves buyers ન 15 to રમાં 15 per tonne in light. The price of wheat in India, which was 50 per tonne three months ago, has now risen to ૩ 303. Demand for the country's wheat in the world market is likely to continue till the middle of next year.

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