November 22, 2024 | 18:59 GMT +7

  • Click to copy
Monday- 11:10, 15/01/2024

India has no plans to import wheat for now, trade minister says

(VAN) India does not plan to import wheat and its farmers are likely to harvest a bumper crop that will boost stockpiles in the world's second-biggest producer of the staple, the trade minister said.
Workers fill sacks with wheat at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. Photo: REUTERS/Amit Dave

Workers fill sacks with wheat at the market yard of the Agriculture Product Marketing Committee (APMC) on the outskirts of Ahmedabad, India, May 16, 2022. Photo: REUTERS/Amit Dave

"Ground reports indicate that the crop is quite good and this year's production is expected at a record 114 million metric tons," Piyush Goyal told reporters.

India banned wheat exports in 2022 after output was curtailed due to a heat wave, but more recently overseas sales picked up as Russia's invasion of Ukraine sent global prices to multi-year highs.

The government has sold around 6 million metric tons of wheat to local bulk buyers since June. 1, when the state-run Food Corporation of India started selling the grain from its warehouses.

Despite selling wheat from its granaries, inventories at state warehouses are likely to remain above the target of 7.46 million metric tons fixed for April 1, when a new marketing year starts, a top government official said earlier this month.

The country's wheat stocks at state warehouses stood at 16.47 million metric tons as of Jan. 1, the lowest since 2017.

Goyal said India would for now continue with its export curbs on wheat, rice and sugar.

"We are committed to protecting both consumers' and farmers' interests," he said.

India, also the world's second-biggest rice producer, last year banned overseas shipments of non-basmati white rice. And New Delhi has also stopped mills from exporting sugar this year.

Goyal also said his government has no immediate plans to allow duty-free imports of corn - also known as maize in India - turning down the poultry industry's demands.

"Farmers will plant more maize this year," he said.

HD

(Reuters)

IGC sees global grain stocks tightening

IGC sees global grain stocks tightening

(VAN) In its monthly grain market report, released on Nov. 21, the IGC revised total grains ending stocks lower by 8 million tonnes, to 576 million, a 3.5% decrease from the previous year.

How to escape the 'cheap price trap' for tea exports?

How to escape the 'cheap price trap' for tea exports?

(VAN) Vietnam's tea industry, one of the top five tea-exporting countries in the world, is facing a concerning reality as the average export price of Vietnamese tea is only 67% of the global tea price.

Fruit and vegetable prices surge in Russia, driving inflation

Fruit and vegetable prices surge in Russia, driving inflation

(VAN) Analysts at EastFruit have observed that fruits and vegetables are contributing to inflation in Russia, despite the government's efforts to combat it through fiscal policies and an increase in the key interest rate to 21%.

The importance of tea varieties for the Vietnamese tea industry

The importance of tea varieties for the Vietnamese tea industry

(VAN) Expanding high-quality tea varieties has become a strategic goal for Vietnam's tea industry to increase export value and escape the 'cheap price trap' when exporting tea to global markets.

Developing OCOP products to reach export markets worldwide

Developing OCOP products to reach export markets worldwide

(VAN) After implementing the OCOP program, several products from Bac Kan Province have established a strong presence in the market and are moving towards export.

Nearly 10 tons of bird's nest were exported to China

Nearly 10 tons of bird's nest were exported to China

(VAN) On November 20, a Vietnamese company exported nearly 10 tons of bird's nest to China's market through the Bac Luan II border gate in Quang Ninh.

Halal certification helps enhance the position of Vietnamese agricultural products

Halal certification helps enhance the position of Vietnamese agricultural products

(VAN) Many businesses believe that Halal market is huge and has a lot of potential; even in Vietnam, there are Muslims, and improving product quality is important.

Read more