Egypt, which is one of the top importers of wheat from Ukraine and Russia, has authorised India as a wheat supplier, said Commerce and Industry Minister Piyush Goyal.
The ongoing conflict between Russia and Ukraine has resulted in a dramatic decrease in wheat supply on worldwide markets. Wheat is a key producer and exporter in both countries. In the year 2020, Egypt would import wheat worth USD 1.8 billion from Russia and USD 610.8 million from Ukraine. In April, the African nation plans to import 1 million tonnes of wheat from India, with a need of 2,40,000 tonnes.
"Farmers in India are feeding the globe. India has been approved as a wheat supplier by Egypt. As the world searches for reliable alternative supplies of food, the Modi government steps in. Our farmers have guaranteed that our granaries are bursting at the seams, and we are ready to serve the entire world "In a tweet, Goyal stated.
In April-January 2021-22, India's wheat exports grew to USD 1.74 billion, up from USD 340.17 million the previous year. Wheat exports totaled USD 61.84 million in 2019-20, rising to USD 549.67 million in 2020-21.
In both volume and value terms, Bangladesh has the highest part of India's wheat exports in 2020-21, accounting for more than 54 percent in both volume and value terms. Yemen, Afghanistan, Qatar, and Indonesia are among the new wheat markets it has entered. Bangladesh, Nepal, the UAE, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman, and Malaysia were the top 10 importers of Indian wheat in 2020-21.
India is responsible for less than 1 percent of global wheat exports. Its market share, however, has risen from 0.14 percent in 2016 to 0.54 percent in 2020. In 2020, India will be the world's second-largest wheat producer, accounting for roughly 14.14 percent of global production.
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