India considers wheat exports to Bangladesh, 4 other nations as requests pour in
The Indian authorities are considering resuming its wheat exports to Bangladesh and four other nations following requests from the governments of the respective countries.
Indian financial daily Mint, while citing a government official on Monday, reported that the country has received requests for wheat from at least five countries – Bangladesh, Indonesia, Oman, the United Arab Emirates, and Yemen.
India banned exports of wheat due to rising global prices on 13 May.
However, the South Asian country kept the possibility open for supplies on G2G basis for neighbouring countries and others that may face a threat to food security.
"Following the ban, India has received inquiries from Indonesia, Oman, the United Arab Emirates, Bangladesh and Yemen. The government is evaluating their wheat needs and the supply of wheat with us," the official was quoted as saying.
According to trade experts, Bangladesh could look for more wheat imports from India because the country not only imported almost half of the total wheat exported by India but was also a buyer of Russia and Ukraine supplies.
As per official data, Bangladesh imported $1.8 billion worth of wheat from Russia and $610.80 million from Ukraine by 2020.
According to India's Directorate-General for Commercial Intelligence and Statistics (DGCIS), India exported wheat worth about $1 billion to Bangladesh by 2021-22.
Indian wheat sells almost 40% lower compared to international prices and this is a driving factor behind the supply requests, added market experts.
Meanwhile on Sunday, World Trade Organization (WTO) Director-General Okonjo Iweala Ngozi said that countries should not underestimate the effects of export restrictions, adding that such measures could exacerbate the ongoing global food crisis.
She, while addressing a press briefing in Geneva, Switzerland, said, "You saw that during the food crisis of 2008-2009, just that kind of action led to price increases. In the food security declaration, our members are trying to talk about how they would try to prevent themselves from taking this kind of action."
"The WTO must respond to the impending food crisis. International wheat prices have risen by 56% compared to May last year.
"Economies everywhere are facing inflationary pressures," she added.
