{"id":280,"date":"2022-11-18T16:53:17","date_gmt":"2022-11-18T16:53:17","guid":{"rendered":"https:\/\/tigerlogistics.in\/blogs\/?p=280"},"modified":"2023-07-15T06:57:21","modified_gmt":"2023-07-15T06:57:21","slug":"indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector","status":"publish","type":"post","link":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/","title":{"rendered":"India\u2019s wheat ban export \u2014 What does this decision imply for India\u2019s trading sector?"},"content":{"rendered":"<p>India\u2019s wheat ban is causing a dilemma. It aims to meet domestic demands but could hurt Indian trade. Read on.<\/p>\n<p><strong>India\u2019s wheat export ban \u2014 The story so far<\/strong><\/p>\n<p>India is the world&#8217;s second-largest wheat producer. However, it contributes to\u00a0<a href=\"https:\/\/www.bbc.com\/news\/world-asia-india-61590756\" target=\"_blank\" rel=\"nofollow noopener\">less than 1% of the international wheat trade<\/a>. The government retains a major share of the wheat stocks to feed the poor at subsidized rates. Over the years, we have increased our export of the grain. In FY 22, India exported a record 7.85 million tonnes of wheat \u2014 a\u00a0<a href=\"https:\/\/www.business-standard.com\/podcast\/economy-policy\/why-did-india-restrict-wheat-exports-despite-big-trade-plans-122053100052_1.html\" target=\"_blank\" rel=\"nofollow noopener\">270% jump<\/a>\u00a0over the previous year. This year, while Russia (the largest exporter of wheat) was busy invading Ukraine (one of the major wheat exporters) and hindered its global trade, the world looked upon India. And, the government laid out plans to aid global food security. It made plans to export a record 10 million tonnes of wheat this year.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><strong>On May 13, the government took a decision that gave ripples to the world at large. It ordered a ban on the export of wheat with immediate effect.<\/strong><\/p>\n<\/blockquote>\n<p><strong>Why did India impose a ban on wheat export?<\/strong><\/p>\n<p>India witnessed a drastic heatwave this year. March was the hottest in 122 years, damaging hundreds of acres of wheat crops. This year\u2019s yield may\u00a0<a href=\"https:\/\/www.business-standard.com\/podcast\/economy-policy\/why-did-india-restrict-wheat-exports-despite-big-trade-plans-122053100052_1.html\" target=\"_blank\" rel=\"nofollow noopener\">barely cross the 100 million tons mark<\/a>, much down from the initial estimate of a record 111 million-ton harvest.<\/p>\n<div class=\"slate-resizable-image-embed slate-image-embed__resize-middle\"><img decoding=\"async\" class=\"lazy-loaded\" src=\"https:\/\/media-exp1.licdn.com\/dms\/image\/D4D12AQF3fBJAkRD7aw\/article-inline_image-shrink_400_744\/0\/1654692090512?e=1674086400&amp;v=beta&amp;t=Z6iw94p3pdri_xVsdSxJxcM46MyaQDK0y4YLJ9Qv3P8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/div>\n<p>India\u2019s wheat production (2012-2022)<\/p>\n<p>Additionally, the\u00a0<a href=\"https:\/\/www.financialexpress.com\/economy\/fci-wheat-stocks-plunge-to-5-year-low-govt-may-raise-rice-supplies-under-free-ration-scheme-as-wheat-stocks-fall\/2510825\/\" target=\"_blank\" rel=\"nofollow noopener\">wheat stock in the granaries of the Food Corporation of India is also low<\/a>. These stocks may reduce further if the government extends its\u00a0<a href=\"https:\/\/www.hindustantimes.com\/india-news\/narendra-modi-govt-extends-pradhanmantri-garib-kalyan-yojana-scheme-providing-free-food-grain-to-poor-by-six-months-101648299381278.html\" target=\"_blank\" rel=\"nofollow noopener\">free grain programme<\/a>.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><strong>\u201cControlling wheat exports by India, given uncertainties related to the crop size, the grain procurement program, the war, high fertilizer costs and extreme weather in other growing nations, is a logical move to ensure domestic availability and manage inflation.\u201d<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/jnews.uk\/india-bans-wheat-exports-as-food-security-comes-under-threat\/\" target=\"_blank\" rel=\"nofollow noopener\">Siraj Chaudhry<\/a><span style=\"font-size: 16px;\">,<\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 16px;\">Managing director and Chief Executive Officer<\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 16px;\">National Commodities Management Services Ltd. \u2014 A warehousing and trading company.<\/span><\/strong><\/p>\n<\/blockquote>\n<p><strong>What is the impact of the wheat ban internationally?<\/strong><\/p>\n<p>India\u2019s wheat ban unsettled global markets. The Chicago benchmark wheat index\u00a0<a href=\"https:\/\/www.bbc.com\/news\/business-61461093\" target=\"_blank\" rel=\"nofollow noopener\">rose by nearly 6%.<\/a>\u00a0India&#8217;s wheat ban led to a further price surge, as global buyers were depending on India after exports from the Black Sea region were reduced. The prices of some of the key wheat types rose for several days and peaked on 17-18 May.<\/p>\n<div class=\"slate-resizable-image-embed slate-image-embed__resize-middle\"><img decoding=\"async\" class=\"lazy-loaded\" src=\"https:\/\/media-exp1.licdn.com\/dms\/image\/D4D12AQEjLlxhgrzccA\/article-inline_image-shrink_1000_1488\/0\/1654692189517?e=1674086400&amp;v=beta&amp;t=S6riFez2bIYz3VFhGdK38IHdGSZids_d_Zd-IZF5bb8\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/div>\n<p>Rising wheat prices globally<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><strong>\u201cThe world is starting to get very short of wheat. At present, the US winter wheat is in poor condition, France\u2019s supplies are drying out and Ukraine\u2019s exports are stymied. We now have an environment with another supplier removed from contention in global trade flows.\u201d<\/strong><\/p>\n<p style=\"text-align: center;\"><strong><a style=\"font-size: 16px; background-color: #ffffff;\" href=\"https:\/\/news.agropages.com\/News\/NewsDetail---42831.htm\" target=\"_blank\" rel=\"nofollow noopener\">Andrew Whitelaw<\/a><span style=\"font-size: 16px;\">,<\/span><\/strong><\/p>\n<p style=\"text-align: center;\"><strong><span style=\"font-size: 16px;\">A grains analyst at Melbourne-based Thomas Elder Markets,<\/span><\/strong><\/p>\n<\/blockquote>\n<p>The government responded that its export ban is flexible. It will consider on a case by case basis requests from neighbouring countries and vulnerable countries that are plagued with food emergencies. Furthermore, it added that if wheat prices come down, it could reconsider the ban. However, Mr. Chaudhry from National Commodities Management Services Ltd. opines that minimum export price and quantitative restrictions could have been more optimal measures in comparison to a sudden ban.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><strong>The government\u2019s decision challenges trade impacts the credibility of the Indian exporters and hits the farmers\u2019 earning potential.<\/strong><\/p>\n<\/blockquote>\n<p><strong>Will the wheat ban damage our global trade?<\/strong><\/p>\n<p><strong><em>A] Heavy losses<\/em><\/strong><\/p>\n<p>The wheat export ban has caused\u00a0<a href=\"https:\/\/economictimes.indiatimes.com\/small-biz\/trade\/exports\/insights\/indias-surprise-wheat-export-ban-traps-1-8-million-t-at-ports-trade\/articleshow\/91609140.cms\" target=\"_blank\" rel=\"nofollow noopener\">heavy losses to the traders<\/a>. They will now be compelled to sell the grain to a weaker domestic market that has been subject to the pressure of a fresh price ever since the ban. The traders will need to bear the brunt of paying the reloading and transport costs. The abrupt ban will make it tougher for them to sell the wheat stocks lying at the ports profitably.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><strong>India\u2019s shocking wheat export ban has trapped 1.8 million tonnes of wheat at ports. Post-order, nearly 1.4 million tonnes were stuck at Mundra and Kandla or in transit. As of May 17, there were over 4,000 wheat-laden trucks stuck. Inside, there were four ships, half loaded with wheat and no order to sail. 8 lac tonnes of wheat were stuck at Kakinada, Tuticorin and Visakhapatnam.<\/strong><\/p>\n<\/blockquote>\n<p><strong><em>B] Declaration of force majeure<\/em><\/strong><\/p>\n<p>Only exports backed by letters of credit (LCs) or payment guarantees issued before May 13 have got the green signal for export from the government. As per a news article published in\u00a0<a href=\"https:\/\/economictimes.indiatimes.com\/small-biz\/trade\/exports\/insights\/indias-surprise-wheat-export-ban-traps-1-8-million-t-at-ports-trade\/articleshow\/91609140.cms\" target=\"_blank\" rel=\"nofollow noopener\">The Economic Times<\/a>, traders have LCs for only 400,000 tonnes of 2.2 million tonnes of wheat currently at ports or in transit. Exporters purchased wheat and moved it to the ports. They are left with no option but to declare force majeure on shipments to overseas customers.<\/p>\n<div class=\"slate-resizable-image-embed slate-image-embed__resize-middle\"><img decoding=\"async\" class=\"lazy-loaded\" src=\"https:\/\/media-exp1.licdn.com\/dms\/image\/D4D12AQHrOakBG_2VCQ\/article-inline_image-shrink_1000_1488\/0\/1654692322608?e=1674086400&amp;v=beta&amp;t=MeC29OCMcUkvDE5UxOx4-apkFEa2fHzxmLiwosRUK-A\" alt=\"No alt text provided for this image\" data-media-urn=\"\" \/><\/div>\n<p><strong><em>C] Impact on global trading houses<\/em><\/strong><\/p>\n<p>Wheat exports have always been profitable. The government\u2019s promise of strong export demand encouraged exports of at least 8-10 million tonnes. The trading companies planned to ship as much wheat as possible before the onset of monsoon as crop movement becomes challenging once the rainy season commences. Many of the global trading companies\u2019 subsidiaries sold wheat to their regional headquarters offshore before securing the necessary LCs.<\/p>\n<p><strong><em>D] Panic rice exports<\/em><\/strong><\/p>\n<p>The sudden wheat ban has set a wave of panic among rice traders. They have begun to increase purchases and place unusual orders for longer-dated deliveries. A news article from\u00a0<a href=\"https:\/\/economictimes.indiatimes.com\/small-biz\/trade\/exports\/insights\/panicked-traders-step-up-forward-indian-rice-purchases-after-wheat-export-ban\/articleshow\/92034988.cms\" target=\"_blank\" rel=\"nofollow noopener\">The Economic Times<\/a>\u00a0states that traders have signed contracts to export 1 million tonnes of rice for shipments from June through September. They are opening LCs quickly after signing deals to ensure the contracted quantity will be sent even if India restricts exports. Such aggressive purchases from India hold the possibility of reducing rice demand from Vietnam and Thailand \u2014 the world&#8217;s second and third-biggest rice exporters respectively. Indian rice offers a price advantage. It is over 30% cheaper than that of international destinations.<\/p>\n<p><strong>What lies ahead?<\/strong><\/p>\n<p>In the current globalised market, it is evident that events in one country could have a domino effect worldwide. India\u2019s wheat export ban has reverberated through agricultural markets around the world despite the country not being a significant global wheat exporter. The reports reveal just how tight the global supplies are owing to the Russia-Ukraine war and climate change, spiralling up the food prices even more.<\/p>\n<p>But another thought looms amidst this situation \u2014 Could India work on its climate mitigation programmes and leverage its potential to feed the world in the times to come? Because if it is indeed possible, then it would not only spell growth in foreign revenue earnings owing to international trade but also lead to adequate income growth for farmers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>India\u2019s wheat ban is causing a dilemma. It aims to meet domestic demands but could hurt Indian trade. Read on. India\u2019s wheat export ban \u2014 The story so far India is the world&#8217;s second-largest wheat producer. However, it contributes to\u00a0less than 1% of the international wheat trade. The government retains a major share of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":281,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":"","_links_to":"","_links_to_target":""},"categories":[11],"tags":[],"class_list":["post-280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>India\u2019s wheat ban export \u2014 What does this decision imply for India\u2019s trading sector? - Tiger logistics<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India\u2019s wheat ban export \u2014 What does this decision imply for India\u2019s trading sector? - Tiger logistics\" \/>\n<meta property=\"og:description\" content=\"India\u2019s wheat ban is causing a dilemma. 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It aims to meet domestic demands but could hurt Indian trade. Read on. India\u2019s wheat export ban \u2014 The story so far India is the world&#8217;s second-largest wheat producer. However, it contributes to\u00a0less than 1% of the international wheat trade. The government retains a major share of the [&hellip;]","og_url":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/","og_site_name":"Tiger logistics","article_publisher":"https:\/\/www.facebook.com\/tlogis","article_published_time":"2022-11-18T16:53:17+00:00","article_modified_time":"2023-07-15T06:57:21+00:00","og_image":[{"width":744,"height":400,"url":"https:\/\/tigerlogistics.in\/blogs\/wp-content\/uploads\/2022\/11\/1654690689614.jpeg","type":"image\/jpeg"}],"author":"tr9wv","twitter_card":"summary_large_image","twitter_creator":"@TigerLogistics","twitter_site":"@TigerLogistics","twitter_misc":{"Written by":"tr9wv","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/#article","isPartOf":{"@id":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/"},"author":{"name":"tr9wv","@id":"https:\/\/tigerlogistics.in\/blogs\/#\/schema\/person\/3a6c386226bfae6ba647d2ad52c3ecd4"},"headline":"India\u2019s wheat ban export \u2014 What does this decision imply for India\u2019s trading sector?","datePublished":"2022-11-18T16:53:17+00:00","dateModified":"2023-07-15T06:57:21+00:00","mainEntityOfPage":{"@id":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/"},"wordCount":1093,"commentCount":0,"publisher":{"@id":"https:\/\/tigerlogistics.in\/blogs\/#organization"},"image":{"@id":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/#primaryimage"},"thumbnailUrl":"https:\/\/tigerlogistics.in\/blogs\/wp-content\/uploads\/2022\/11\/1654690689614.jpeg","articleSection":["Insights"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/","url":"https:\/\/tigerlogistics.in\/blogs\/indias-wheat-ban-export-what-does-this-decision-imply-for-indias-trading-sector\/","name":"India\u2019s wheat ban export \u2014 What does this decision imply for India\u2019s trading sector? 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