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India bans wheat exports with immediate effect Updated: 2022-05-14 15:52:22 KST

India banned wheat exports with immediate effect on Saturday.
This comes as a severe heatwave in the region has reduced the output of the world's second-largest wheat exporter, driving domestic prices to an all-time high.
However, the Indian government would still allow exports backed by already issued letters of credit.
It would also ship them to countries that request supplies "to meet food security needs."
Since the Russian invasion of Ukraine, wheat exports from the Black Sea region plunged, and global buyers looked to India for supplies.
Just days before the announcement of the ban, India was targeting record shipments of 10 million tons this year.
The ban may drive up global prices to new highs.
Reporter : slee@arirang.com
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