India: India Bans Wheat Exports Due to Domestic Supply Concerns
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On Friday, May 13, 2022, the Indian government announced a ban on wheat exports, effective immediately, citing the sudden spike in global wheat prices and the resulting food security risks to India. Exemptions have been extended to export contracts with customs' registration or an irrevocable letter of credit on or before May 13, 2022, and exports allowed by the government to other countries to meet their food security requirements based on requests from these governments. The decision to ban exports is a result of the smaller-than-expected MY 2022/2023 wheat harvest, rising food inflation, and low government wheat procurement under its Minimum Support Price program which affects the Government of India’s ability to supply wheat under its domestic food assistance/security programs.