New Delhi: Traders have begun exporting wheat for the first time in four years, as a bumper harvest and a rally in global prices and freight rates make Indian shipments competitive for buyers in Asia and West Asia, trade sources told Reuters.
The move marks a shift for India, which curbed wheat exports in 2022 after a heatwave hit production and domestic prices rose. This year’s larger crop and firm international prices have reopened the export window.
Consumer goods conglomerate ITC has started loading 22,000 metric tonnes of wheat at the western port of Kandla for shipment to the United Arab Emirates, the sources said.
India is the world’s second-largest wheat producer. A strong harvest this season has boosted government stocks and eased supply concerns at home, giving traders room to tap overseas demand.
Buyers in West Asia and Southeast Asia are looking to India as Black Sea and Australian freight costs rise. Indian wheat is currently priced competitively for nearby destinations, traders said. Government officials have not commented on whether broader export relaxations are planned. For now, shipments are being done by private traders under existing policy allowances.
