India says it will ban wheat exports because the Ukraine war is threatening its food security

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Gulf
  • Date: 14-May-2022
  • Source: Business Insider
  • Sector: Oil & Gas
  • Country: Gulf
  • Who else needs to know?

India says it will ban wheat exports because the Ukraine war is threatening its food security

India is the latest country to implement as a result of the war in Ukraine and high inflation. . India's Directorate General of Foreign Trade said on Friday that it would stop new shipments of wheat immediately but still allow exports to countries in need to help maintain their food security. India's move to stop its wheat exports comes after limited or banned the export of food staples in the last year. Rising costs of products like fuel have had a knock-on effect on fertilizer, as well as agriculture production, leading to higher food prices. Russia export caps and fresh taxes on wheat in 2021 to help tackle its domestic food inflation. Following its invasion of Ukraine, it brought in a temporary ban on exporting wheat to former Soviet countries. Kazakhstan also capped its wheat and wheat flour exports after prices rose by more than 30% since the beginning of the Ukraine war. Ukraine, which for between 12% and 17% of the world's supply of wheat and corn, exporting key food items, including wheat and oats, to protect its food security during the war. Argentina, meanwhile, brought in restrictions on beef. Other countries with export bans in place include Indonesia,

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