India’s wheat export hits a record high with 7.85 million tonnes in the fiscal year to March. The sharp increase is from 2.1 million tonnes from the previous year.
The world’s second-largest producer of grain benefited from a rally in global prices earlier this month as per the top government official, India would export a record 7 million tonnes of wheat in 2021-22.
However, the target of 7 seven million was surpassed indicating robust exports in the 2022-23 fiscal year starting from April 1. According to traders, wheat shipment including cargoes sold to Bangladesh by land was about 7.85 million toned in 2021-2022.
A top New Delhi-based trader, Rajesh Paharia Jain said, “Business has been very brisk and both Mundra and Kandla port has been very busy handling outbound wheat cargoes”.
Apart from Bangladesh, wheat was exported to South Korea, Sri Lanka, Oman and Qatar out of which maximum deals were signed between $225 and $335 a tonne free on board.
The new season of wheat harvest for India is underway as this year they aim for 111.32 million tonnes- the sixth straight surplus output which focuses to encourage traders to pull off more export deals.