India’s wheat exports hit record 7.85 million tonnes in FY22 -traders

  • India’s wheat exports hit 7.85 million tonnes in FY22, an all-time high and a sharp increase from 2.1 million tonnes in FY21, traders said, as Russia’s invasion of Ukraine cuts off rival Black Sea supplies.
  • Earlier, a top government official said India would export a record 7 million tonnes of wheat in FY22 as a rally in global prices gave the world’s second biggest producer of the grain an opportunity to gain market share.
  • India achieved its target of exporting 7 million tonnes of wheat on 21 Mar 22, according to the Indian government, which is yet to issue wheat shipment data for the last 10 days of Mar 22.
  • Traders said wheat shipments, including cargoes sold to neighbouring Bangladesh by land, totalled 7.85 million tonnes in FY22, surpassing the target of 7 million and indicating robust exports in FY23.
  • Other than Bangladesh, India exported wheat to South Korea, Sri Lanka, Oman and Qatar, among others, traders said. Most export deals were signed at between USD225 and USD335 a tonne free on board, they said.
  • “Business has been very brisk, and both Mundra and Kandla ports have been very busy handling outbound wheat cargoes,” said Rajesh Paharia Jain, a leading New Delhi-based trader.
  • As war raged across the Black Sea region, global wheat prices have surged, and supplies from both Russia and Ukraine, which together account for about 29% of global wheat exports, have dropped substantially.
  • India’s new season wheat harvest is underway, and this year’s production is pegged at a record 111.32 million tonnes – the sixth straight surplus output – encouraging traders to clinch more export deals.

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