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DGFT | Commerce ministry | India exports
Press Trust of India |
https://mybs.in/2ax0Ghx
The commerce ministry's arm DGFT has issued registration certificates for about 1.6 million tonne of wheat to exporters having valid letter of credit, after the ban order of May 13, an official said.
The government is allowing wheat shipments for which irrevocable letters of credit (L/C) were issued on or before May 13, when the ban on the export of the foodgrain was imposed with an aim to contain rising prices.
War between Russia and Ukraine has severely impacted the flow of wheat in the global markets as they are key players in the sector. Russia and Ukraine together account for almost a quarter of the global wheat supply.
Exporters having valid L/Cs would have to register with the Regional Authorities of the Directorate General of Foreign Trade (DGFT) to obtain registration of contracts (RCs) to ship their consignments.
"RCs for about 1.6 million tonne have been issued so far," the official said adding as Russia has started exports of wheat through Turkey, prices in the global markets may stabilise.
India's wheat exports stood at 7 million tonne, valued at USD 2.05 billion, in 2021-22 on better demand for the Indian wheat from overseas.
Of the total wheat exports, around 50 per cent of shipments were exported to Bangladesh in last fiscal year.
The top ten importing countries for the Indian wheat in 2020-21 were Bangladesh, Nepal, the United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman and Malaysia.
India accounts for less than 1 per cent of the world wheat export. It is the second-largest producer of wheat. It had contributed around 14 per cent of the world's total production in 2020.
India produces around 107.59 million tonne of wheat annually, while a major chunk of it goes towards domestic consumption. Major wheat growing states in India are Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Bihar and Gujarat.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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