The Russia-Ukraine crisis may provide India with an opportunity to sell more wheat to global markets, and local exporters should take advantage of this opportunity.
India to rise in wheat export market over the Russia-Ukraine crisis
Russia and Ukraine exported more than a quarter of the world’s wheat (25.4 percent) in 2019. According to reports, Egypt, Turkey, and Bangladesh purchased more than half of Russia’s wheat.
Egypt is the world’s largest importer of wheat. It spends more than $4 billion every year to feed its population of over 100 million people. More than 70% of Egypt’s imported wheat need is met by Russia and Ukraine.
“But, the current situation on the Russia Ukraine crisis will not adversely impact India’s trade position as the share of this commodity out of India’s total imports of this item from across the world stands at only 10%,” one of the sources said.