India may be able to export more wheat to Bangladesh, Egypt, and Turkey, as well as eggs to the Middle East, as a result of the Ukraine conflict. Despite the fact that exporters of engineering items have halted consignments to Russia as a result of the country’s banking sanctions, sources stated.
Russia sells more than 18 percent of all wheat, making it the world’s top wheat exporter, while India and Ukraine fight in the Middle East for egg exports. According to a government official, if India maintains impartial in the Ukraine crisis, agricultural exports such as wheat and poultry will profit.
According to sources, India’s central wheat pool is 24.2 million tonnes, which is twice the buffer and strategic needs. According to sources, Russia and Ukraine cover more than 70% of Egypt’s wheat need. Turkey purchased 4.5 million metric tonnes of Russian wheat in the 2021-2022 crop year, while Egypt purchased 3.2 million metric tonnes. In 2019, Russia and Ukraine exported more than a quarter of the world’s wheat.
Another official noted that Russia’s primary import is petroleum, and that there are sufficient alternative sources to fill the deficit. India exports a variety of things, including medicinal supplies, while Ukraine sells food oils, fertilisers, and petroleum products.
Animal and vegetable fats and oils are India’s most important imports from Ukraine. According to sources, the current situation will have no negative impact on India’s trade position because this commodity accounts for barely 10% of India’s total imports of this item from all over the world.