BusinessNew Delhi Banned Wheat Exports

New Delhi Banned Wheat Exports

New Delhi banned wheat exports in mid-May as a burning heatwave shortened output and domestic prices hit a record high.

India has pulled export policy for wheat flour and asked traders to secure permission before exporting the commodity, the government said in a announcement published on Thursday.

After the ban, demand for wheat flour soared from neighboring countries struggling to secure wheat at lower prices from other suppliers.

The limitation on wheat flour exports would be effective from July 12, the government said.

India had earlier banned wheat exports in May, days after saying it was targeting record shipments this year, as a roasting heat wave curtailed output and domestic prices soared to an all-time high.

While it is not one of the world’s top wheat exporters, India’s ban drove global prices to new peaks given already tight supply, hitting poor consumers in Asia and Africa mostly hard.

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