Amid Ukraine war, Egypt to import Indian wheat

NEW DELHI: Egypt, the world’s top wheat importer, has approved India as a supplier to fill a sizeable void in the north African nation’s food stocks due to the Ukraine conflict, a move that will open up a lucrative market for Indian farmers and also deepen agricultural ties between the two countries, officials said on Friday.

India has accelerated efforts to export wheat shipments from its massive domestic stockpiles amid a global shortage sparked by the war between Russia and Ukraine.

Egypt, which has traditionally relied on cheap Ukranian and Russian wheat supplies to meet domestic demand, approved Indian wheat varieties after a visiting delegation from that country toured Madhya Pradesh, Punjab and Maharashtra to ascertain quality, storage and other export parameters. The two nations at war together account for up to 30% of global wheat exports and nearly 80% of Egypt’s imports.

On Friday, Union commerce minister Piyush Goyal tweeted: “Indian farmers are feeding the world. Egypt approves India as a wheat supplier. Prime Minister Narendra Modi’s government steps in as the world look for reliable alternate sources for a steady food supply. Our farmers have ensured our granaries overflow and we are ready to serve the world.”

India, the world’s second-largest wheat producer, is currently in “discussion with various countries including Egypt, Turkey, China, Bosnia, Sudan, Nigeria, Iran, etc for commencing wheat exports”, an official said, requesting anonymity.

India has stepped up efforts to seize a rare global opportunity to ramp up wheat shipments as international wheat prices are currently ruling higher than domestic minimum support prices.

The new farm exports could push India’s export earnings, which hit a record $418 billion (Rs 31.4 lakh crore) during 2021-22. Farmers are expected to reap higher prices, as analysts expect domestic grain prices to rise on the back of exports.