India Lifts Wheat Export Ban After Four-Year Drought Amid Record Production
India has lifted its four-year ban on wheat exports following a record production abundance. The decision, announced by the Directorate General of Foreign Trade, is expected to increase global market supply and alleviate pressures on importing countries.
The move comes as India's wheat production rose to a record 120.6 million tons in the last season, boosting stocks and enabling New Delhi to reopen export avenues after years of restrictions imposed to protect the domestic market.
Reports indicate that the abundant harvest, along with global price levels and shipping costs, has made Indian wheat more competitive in Asian and Middle Eastern markets.
An Indian company has already commenced loading a shipment of approximately 22,000 tons of wheat at Kandla port in the west of the country.