MUMBAI: Indian traders have begun exporting wheat for the first time in four years, as a bumper harvest and a rally in global prices and freight rates make shipments of the staple competitive for buyers in Asia and the Middle East, trade sources told Reuters. Consumer goods conglomerate ITC has started loading 22,000 metric tons of wheat at the western port of Kandla for shipment to the United Arab Emirates, they said.
India, expecting a record crop, has allowed exports of wheat this year following a 2022 ban.
It extended the curb in 2023 and 2024 after extreme heat shrivelled the crop and depleted stocks, leading to record domestic prices, fuelling speculation it might need to turn to imports for the first time since 2017.