India considers allowing further wheat exports

NEW DELHI Thu Jan 31, 2013 8:21pm IST

Farmers carry wheat crop in a field at Bhadari village, 30 km (19 miles) from Allahabad April 8, 2008. REUTERS/Jitendra Prakash/Files

Farmers carry wheat crop in a field at Bhadari village, 30 km (19 miles) from Allahabad April 8, 2008.

Credit: Reuters/Jitendra Prakash/Files

Related Topics

NEW DELHI (Reuters) - India is considering allowing additional wheat exports to cut huge stocks at government warehouses and make room for the new season's harvest, Food Minister K. V. Thomas said on Thursday.

After lifting a four-year-old ban on wheat exports by private traders in 2011, last year the government approved 4.5 million tonnes of exports from its overflowing warehouses, and more than 2 million tonnes of this total has yet to be shipped.

Approval of yet more exports by India, the world's biggest wheat producer behind China, will help buyers in the Middle East and Africa as leading suppliers Russia and Australia are facing falling output.

"We are considering some more exports. That is the best way to lower your huge surplus stocks when world prices are good," Thomas told Reuters.

Separately, Thomas said the government would prefer to wait until end-February to get a clear idea about the 2012/13 season sugar output before conceding to industry's demand to raise import tax. (Reporting by Jo Winterbottom and Mayank Bhardwaj; Editing by Anthony Barker)

FILED UNDER:

REUTERS SHOWCASE

2015: India Outlook

2015: India Outlook

India in 2014: A dream run for markets  Full Article 

World Stocks

World Stocks

Oil and rouble rally into Christmas period  Full Article 

Flying Back on Course

Flying Back on Course

The inside story of the new Airbus A350 jet  Full Article 

Oil Prices

Oil Prices

Oil rebounds above $62, tracking broader markets  Full Article 

Tracking Gold

Tracking Gold

Gold inches higher on weaker dollar, Asian buying  Full Article 

Cyber Attacks

Cyber Attacks

China condemns cyberattacks, but says no proof N.Korea hacked Sony  Full Article 

Connecting Markets

Connecting Markets

China stock connect scheme scorecard throws up surprises  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage