Business

Wheat prices increase in Global market after ban on India’s exports

Punjab Tribune Bureau | May 16, 2022 10:54 AM

NEW DELHI: After India's ban on wheat export, the prices have increased in the international market.

The price of wheat sold in the international market has increased by 5.9% in Chicago. This is the highest in the last two months.

Due to the heatwave in India, wheat crop was affected and prices increased, after which its export has been banned.

This year, the price of wheat in the global market has increased by almost 60 percent, due to which the prices of bread and noodles have increased.

The Government of India has said that export of wheat will continue to the countries with which agreements have already been signed and countries which will demand supplies for food security.

Government officials have also said that this ban is not permanent and can be lifted once the situation returns to normal.

However, this decision of India has been criticized by the Agriculture Ministers of the Group of Seven ie G-7. This group includes countries such as Canada, France, Germany, Italy, Japan, the UK and the US.

India is the second largest producer of wheat in the world. However, before this, most of the crops in India were sold in the domestic market only.

But Ukraine's wheat exports have plummeted after Russia's attack, and given the threat of drought and floods in several major producing countries, traders were hoping for supplies from India to make up for the shortfall.

Before the ban, India had set a target of exporting 10 million tonnes of wheat this year.

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