The Indian government, the world's second-largest wheat producer, has lifted its long-standing ban on grain exports. This move could potentially ease global supplies, which are strained due to the escalating fighting between Russia and Ukraine.
According to notifications issued on Monday by the Directorate General of Trade, the export of wheat, including durum variety, as well as flour and other products, has been permitted. Previously, in February, the government allowed limited supplies of this grain.
Wheat exports from India have the potential to reduce pressure on supply in Asian, African, and West Asian countries that rely on imports. This occurs while increased attacks on commercial vessels and ports in the Black Sea disrupt grain flows from some leading global exporters. The conflict has caused Chicago wheat futures to reach a two-year high.
India's latest wheat harvest reached a record 120.6 million tons. Nevertheless, the government had largely prohibited wheat exports since 2022, when the Russian invasion of Ukraine began, citing concerns over food security.