NEW DELHI, INDIA — India wheat exports are expected to increase due to the war between Russia and Ukraine, which has disrupted shipments from Black Sea ports, Reuters reported.
The conflict between Russia and Ukraine, which account for nearly 30% of the world’s wheat exports, has caused the price of wheat to soar in recent days. Importers have begun looking at other potential suppliers as the intensity of the war continues to increase.
One of those potential suppliers is India which after five consecutive record crops is in position to export large amounts of wheat.
Nitin Gupta, vice president of Olam Agro India, told Reuters that “wheat availability in the world market remains limited until April and May, and India can easily tap this opportunity.”
Australia, which also produced a record crop in 2020-21 and is expecting another record harvest this year, also will have a chance to fill the void caused by the war between Russia and Ukraine.
India is forecast to export 7 million tonnes of wheat in the 2021-22 marketing year, according to the Foreign Agricultural Service of the US Department of Agriculture. That is nearly three times more than it exported in 2020-21 and far greater than the 509,000 tonnes it exported in 2019-20.
India, which typically ranks third behind China and the European Union in wheat production, is forecast to be among the world’s top 10 wheat exporters in 2021-22, according to FAS projections.