India’s wheat exports jumped to USD 872 million throughout April-October period in the present fiscal on account of wholesome demand, with Bangladesh rising as the highest vacation spot, the commerce ministry mentioned on Friday.
In quantity phrases, wheat exports through the mentioned period rose by greater than 527 per cent to 3.2 Million Tonnes (MT) from 0.51 MT in the year-ago period.
“India’s wheat exports in the present fiscal (April October) rose by 546 per cent to USD 872 million from USD 135 million reported throughout the identical period of the earlier fiscal,” the ministry mentioned.
In the present fiscal, wheat exports are anticipated to obtain an all-time file excessive in quantity phrases, it added.
India’s wheat exports are primarily to neighbouring nations, with Bangladesh having the most important share of greater than 54 per cent in each quantity and worth phrases in FY21.
Other main wheat export locations embrace Nepal, United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman and Malaysia.
These 10 nations account for almost 99 per cent share of exports in each quantity and worth phrases for FY21.
“Though India will not be among the many prime ten wheat exporters in the worldwide commerce, its price of progress in exports have surpassed that of all these nations, indicating the speedy strides it’s taking in reaching new markets worldwide,” the ministry mentioned.
India accounts for even lower than one per cent of the world wheat exports. However, its share has elevated from 0.14 per cent in 2016 to 0.54 per cent in 2020.
India is the second largest producer of wheat with a share of round 13.53 per cent of the world’s whole manufacturing. The nation produces round 107.59 MT of wheat yearly and a significant chunk goes in direction of home consumption.
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