: Egypt has approved India as wheat supplier: Piyush Goyal #finance #StockMarketNEWS #Business The African nation is looking to import 1mn tonne of wheat from India New Delhi: There is a sharp decline

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Egypt has approved India as wheat supplier: Piyush Goyal #finance #StockMarketNEWS #Business
The African nation is looking to import 1mn tonne of wheat from India

New Delhi: There is a sharp decline in availability of wheat in the global markets due to the ongoing conflict between Russia and Ukraine. Both the nations are major producers and exporters of wheat.

Egypt imported wheat worth about .8 billion from Russia and 0.8 million from Ukraine in 2020.

The African nation is looking to import 1 million tonne of wheat from India and would need 2,40,000 tonne in April.

“Indian farmers are feeding the world. Egypt approves India as a wheat supplier. Modi Govt. steps in as the world looks for reliable alternate sources for steady food supply. Our farmers have ensured our granaries overflow and we are ready to serve the world,�? Goyal said in a tweet.

India’s wheat exports increased to .74 billion in April-January 2021-22 as against 0.17 million in the same period last year.

In 2019-20, wheat exports were worth $ 61.84 million, which rose to 9.67 million in 2020-21.

India’s wheat exports are mainly to neighbouring countries with Bangladesh having the largest share of more than 54 per cent in both volume and value terms in 2020-21. It has entered new wheat markets such as Yemen, Afghanistan, Qatar and Indonesia.

The top ten countries importing Indian wheat in 2020-21 were Bangladesh, Nepal, the United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman and Malaysia.

India accounts for less than 1% in the world’s wheat export. However, its share has increased from 0.14% in 2016 to 0.54% in 2020. India is the second largest producer of wheat with a share of around 14.14% in the world’s total production in 2020.

India produces around 107.59 million tonne of wheat annually while a major chunk of it goes towards domestic consumption.

Major wheat growing states in India are Uttar Pradesh, Punjab, Haryana, Madhya Pradesh, Rajasthan, Bihar and Gujarat.