The authorities is retaining an in depth watch on exports of wheat flour which has witnessed a surge for the reason that ban on wheat shipments was introduced on May 13, Sudhanshu Pandey, secretary, ministry of meals and public distribution mentioned on Wednesday.
“Exports of wheat flour are on the high side, if you compare with previous months,” Pandey mentioned. He mentioned that the federal government is monitoring the home costs of each wheat and flour. According to the meals ministry, 250,000 tonne wheat flour has been exported since April 1, 2022.
Trade sources mentioned month-to-month exports of wheat flour at the moment of yr had been round 7,000 to eight,000 tonne. However, exports have seen a surge to round 100,000 tonne for the reason that wheat export ban was imposed. Sri Lanka, Bangladesh and Nepal are a few of the international locations, wheat flour is usually exported to.
In worth phrases, exports of wheat or meslin flour jumped 64% final fiscal from a yr earlier than to $247 million, based on the DGCIS information.
In the present fiscal to this point, India has exported shut to three million tonne (MT) of wheat. India shipped a report 7 MT of wheat price $2 billion in FY22, towards simply 2.1 MT price $ 0.55 billion in FY21.
Apart from permitting exports that had been already backed by Letter of Credits, India is discussing proposals or requests from a number of international locations for exporting wheat. These shipments can be to cater for the real want for meals safety via government-to-government (G2G) routes.
Sources mentioned a number of international locations akin to Bangladesh, Indonesia, the UAE, South Korea, Oman and Yemen have approached India for wheat imports underneath bilateral preparations between governments.
As the manufacturing of wheat has declined following warmth wave situations in March, the federal government needed to curb exports to enhance home provides. Agriculture ministry revised wheat manufacturing for the 2021-22 crop yr (July-June) to 106 MT from its February’s estimate of 111 MT.
After the export ban was imposed, Food Corporation of India tried to obtain wheat once more and will solely get 800,000 as farmers had already bought their produce. FCI’s wheat procurement drive for the present yr fell by greater than 54% to 18.8 MT until Wednesday from the year-ago stage.
Meanwhile, the meals ministry, in an announcement, mentioned that the wholesale costs and retail costs of vanaspati, soyabean oil, sunflower oil and RBD palmolein have decreased over the week.
“With the edible oil prices beginning to show a downward trend and are set to decline further, the Indian consumers can expect to pay less for their edible oils. The falling edible oil prices will help in cooling the inflation as well,” based on the assertion.
Source: www.financialexpress.com”
