Lagatar24 Desk
New Delhi, April 15: Egypt, which is one of the top importers of wheat from Ukraine and Russia, has authorised India as a wheat supplier. Commerce and Industry Minister Piyush Goyal made this announcement on Friday.
The ongoing conflict between Russia and Ukraine has resulted in a dramatic decrease in wheat supply on worldwide markets. Wheat is a key producer and exporter in both countries. In the year 2020, Egypt imported wheat worth USD 1.8 billion from Russia and USD 610.8 million from Ukraine. In April, the African nation plans to import 1 million tonnes of wheat from India, with a need of 2,40,000 tonnes.
“Indian farmers are feeding the world. Egypt approves India as a wheat supplier. Modi Govt. steps in as the world looks for reliable alternate sources for steady food supply. Our farmers have ensured our granaries overflow and we are ready to serve the world,” he tweeted.
In April-January 2021-22, India’s wheat exports grew to USD 1.74 billion, up from USD 340.17 million the previous year. Wheat exports totaled USD 61.84 million in 2019-20, rising to USD 549.67 million in 2020-21.
In both volume and value terms, Bangladesh has the highest part of India’s wheat exports in 2020-21, accounting for more than 54% in both volume and value terms. Yemen, Afghanistan, Qatar, Indonesia, Oman, and Malaysia are among the new wheat markets it has entered.
Bangladesh, Nepal, the United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman, and Malaysia were the top 10 importers of Indian wheat in 2020-21.
India is responsible for less than 1% of global wheat exports. Its market share, however, has risen from 0.14 percent in 2016 to 0.54 percent in 2020. In 2020, India was the world’s second largest wheat producer, accounting for roughly 14.14 percent of global production.
