Defying Covid blues, India exported a document 19.eight million tonne (MT) of rice and wheat in FY21 on the again of enticing abroad costs of the commodities and big surplus manufacturing at dwelling. Brimming official stock (primarily for welfare programmes) additionally ensured that no export curb was imposed by the federal government in a pandemic 12 months.
Rice exports virtually doubled to an all-time excessive of 17.7 MT final fiscal, towards 9.5 MT a 12 months in the past. Similarly, wheat exports surged to 2.1 MT in FY21, the very best since FY15 and in contrast with simply 0.2 MT within the earlier 12 months, confirmed the official knowledge.
There was an virtually 4% improve in basmati exports to 4.45 MT and a 160% surge in non-basmati to 13.09 MT in FY21, in accordance with knowledge with Agricultural and Processed Food Products Export Development Authority (Apeda). In worth phrases, whereas the non-basmati rice section greater than doubled to $4.eight billion ( Rs 35,448 crore), even increased than basmati, there’s a drop of seven% to $Four billion (Rs 29,849 crore) in shipments of fragrant varieties.
Demand for wheat, non-basmati rice and different cereals is prone to rise additional, M Angamuthu, chairman of Apeda, instructed FE on Monday.
On the again of rising worldwide costs, Indian cereal export turned extra viable, notably that of wheat. The UN Food and Agricultural Organization’s world cereal value index is at present ruling at 125.1, highest since May 2014.
Wheat futures on the Chicago Board of Trade jumped 12.3% throughout FY21 to shut at $6.18 a bushel on March 31, 2021. Indian wheat is being contracted at $280-285 a tonne towards Australian obtainable at $290-300 and Ukraine’s $270-280 for Bangladesh, Nepal, Sri Lanka, West Asian international locations.
“We ensured supplies were not disrupted due to lockdown as all concerned government agencies provided necessary support to exporters and facilitated physical movement. While regulatory compliances were minimised, there was no compromise on quality,” Angamuthu had mentioned.
Meanwhile, official grain stock, too, stay elevated. According to Food Corporation of India, the official reserves had 77.23 MT of grains as of April 1, up 4.6% from a 12 months earlier. The shares have been virtually 4 instances of the general buffer and strategic reserve necessities.