Due to the global trade disruption caused by the Russia-Ukraine conflict, India is developing a strategy to increase wheat exports to an all-time high of 21 million tonnes (MT) in fiscal year 2022-23.
According to the median of five projections in a Bloomberg poll of traders, millers, and specialists, the country is the second-largest worldwide producer of wheat after China, with the capacity to export 12 million tonnes to the world market in 2022-23, the highest ever. Exports of 8.5 million tonnes were sent in 2021-22, according to USDA estimates.
Before Russia invaded Ukraine, farm commodity prices were already surging, as dryness wilted global harvests and demand soared, contributing to the highest-ever global food expenditures.
The conflict has exacerbated the problem by suffocating exports from one of the world’s most productive regions, thus cutting off more than a fifth of the world’s wheat supply.