In the midst of Russia-Ukraine crisis, India has a chance to export more wheat, the country can get the benefit

Wheat Export: Although the Russia-Ukraine Crisis is giving negative signals regarding the Indian market and the future scenario on the economic front. However, there is one sector that can benefit from this crisis, that is the export of wheat.

India may get a chance to export more wheat
The Russia-Ukraine crisis may give India an opportunity to export more wheat to global markets and domestic exporters should take advantage of this opportunity. Sources have given this information. India’s central pool has 242 million tonnes of food grains, which is more than double the buffer and strategic requirements.

Russia is the world’s largest exporter of wheat, war will make a difference
Russia and Ukraine account for more than a quarter of the world’s wheat exports. Russia is the world’s largest exporter of wheat, accounting for more than 18 percent of international exports. In 2019, Russia and Ukraine together exported more than a quarter (25.4 percent) of the world’s wheat.

Know the import figures
Egypt, Turkey and Bangladesh bought more than half the wheat from Russia. Egypt is the largest importer of wheat in the world. It spends more than four billion dollars annually to feed its population of more than 100 million. Russia and Ukraine meet more than 70 percent of Egypt’s imported wheat demand.

Why India is in a position to export more
Turkey is also a big spender on Russian and Ukrainian wheat. In the year 2019, its imports from these two countries stood at 74 percent or $ 1.6 billion. “The Ukraine crisis may give India an opportunity to export more wheat, provided we export more, as our central pool is 242 million tonnes, which is more than double the buffer and strategic requirements,” sources said.

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