India’s Ministry of Commerce and Industry has imposed a ban on wheat exports, which has already come into effect on May 14.
According to RIA Novosti, referring to the press service of the department, this measure is designed to maintain control over the domestic market against the backdrop of a jump in world prices.
“This decision was taken as part of measures to control the growth of domestic prices, given the sudden surge in world wheat prices caused by many factors,” the ministry said.
However, it is not ruled out that exports will still be allowed in cases where irrevocable letters of credit for them were issued before May 13, as well as at the request of the governments of neighboring states.
Note that the decision of the Indian Ministry of Industry and Trade can cause a real panic in the global food market. It was with India that hopes were pinned that it would fill the gap in global wheat supplies created by the ongoing armed conflict in Ukraine.
As reported EADaily, that these hopes were not justified became clear in April, against the backdrop of a decline in the forecast for the future harvest in India. As a result, domestic wheat prices in India rose by 5-7%.