India, the second largest producer of wheat, has banned exports of this product because of a risk to its food security.
A notice published in the government gazette on Friday signed by Santosh Kumar Sarangi, director general of foreign trade, said a ‘sudden spike’ in global wheat prices put India, neighboring countries and other vulnerable countries at risk. .
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Export of wheat will be permitted in case of shipments for which an Irrevocable Letter of Credit (ICLC) has been issued on or before the date of the notice and “on the basis of clearance granted by the Government of India to other countries to meet their food security needs and on the basis of the request of their governments”.
“The wheat export policy against the HS codes mentioned above is ‘prohibited’ with immediate effect, with the exception of shipments fulfilling the conditions mentioned in[paragraph2abovewhichwillbeallowedinaccordancewiththeproceduredescribedinparagraph105(b)oftheForeignTradePolicy2015-2020″wrotethedirector[paragraph2abovewhichwillbeallowedaspertheprocedureoutlineinPara105(b)oftheForeignTradePolicy2015-2020″thedirectorwrote[paragraphe2ci-dessusquiserontautoriséesconformémentàlaprocéduredécriteauparagraphe105(b)duCommerceextérieurPolitique2015-2020″aécritleréalisateur[paragraph2abovewhichwillbeallowedaspertheprocedureoutlinedinPara105(b)oftheForeignTradePolicy2015-2020″thedirectorwrote
Although it is the world’s second largest producer of wheat, India consumes most of the wheat it produces.
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The country had set a target of exporting 10 million tonnes from 2022 to 2023, much of which would have gone to other developing countries like Indonesia, the Philippines and Thailand.
India’s wheat crop has been hit by record heat and its own stocks have been stretched by the distribution of free grain during the COVID-19 pandemic.
Other countries are also grappling with poor harvests that are hampering their ability to help offset deficits from Russia’s war in Ukraine.
Prior to the invasion, Ukraine and Russia accounted for a third of world wheat and barley exports.
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World wheat prices have increased by more than 40% since the start of the year.
Earlier this month, the Food and Agriculture Organization of the United Nations (FAO) slightly reduced its projection for world wheat production in 2022 to 782 million tonnes, from 784 million last month.
The Associated Press contributed to this report.