India bans wheat exports as heatwave dents output

India bans wheat exports as heatwave dents output

New Delhi: India prohibited wheat exports that the world was counting on to alleviate supply constraints sparked by the attack on Ukraine, saying that the nation’s food security is under threat. Exports will still be allowed to countries that require wheat for food security needs and based on the requests of their governments, India’s Directorate General of Foreign Trade said in a notification dated May 13. All other new shipments will be banned with immediate effect. The decision to halt wheat exports highlights India’s concerns about high inflation, adding to a spate of food protectionism since the war started. Governments around the world are seeking to ensure local food supplies with agriculture prices surging. Indonesia has halted palm oil exports, while Serbia and Kazakhstan imposed quotas on grain shipments. Curbing exports would be a hit to India’s ambition to cash in on the global wheat rally after the war upended trade flows out of the Black Sea breadbasket region. Importing nations have looked to India for supplies, with top buyer Egypt recently approving the South Asian nation as an origin for wheat imports. Bloomberg News reported earlier this month that a record-shattering heat wave has damaged wheat yields across the