Bloomberg News reported on May 13th & 14th, 2022, In a ploy to halt wheat constraints in India as a result of unmovable grains in Ukraine and a massive heatwave in the country, the nation of India has decided to prohibit wheat exports.
For countries in need of food security, will still be allowed to request directly to India to receive their wheat, but such requests will be reviewed and processed by India based on need. According to Reuters, exports backed by already issued letters of credit will also be allowed.
G7 members are disagreeing with India's decision to halt wheat exports. G7 members are nervous after Indonesia's palm oil export ban, they are afraid a global trend is manifesting that will further hurt the global economy.
It is worth noting that
Source #1 Bloomberg News
Source #2 Hindustan Times
Source #3 Reuters
For countries in need of food security, will still be allowed to request directly to India to receive their wheat, but such requests will be reviewed and processed by India based on need. According to Reuters, exports backed by already issued letters of credit will also be allowed.
G7 members are disagreeing with India's decision to halt wheat exports. G7 members are nervous after Indonesia's palm oil export ban, they are afraid a global trend is manifesting that will further hurt the global economy.
If everyone starts to impose export restrictions or to close markets, that would worsen the crisis," -German agriculture minister Cem Ozdemir
It is worth noting that
Source #1 Bloomberg News
Source #2 Hindustan Times
Source #3 Reuters