Dubai: Experts believe that India’s ban against wheat exports has had a devastating effect on the UAE. As India bans wheat exports, wheat prices rise in UAE. This year, wheat prices have risen 10 to 15% in UAE. Russia and Ukraine are the two largest exporters of wheat in the world. Exports were halted and most countries had to rely on India and other major countries. This caused prices to rise in India’s domestic market. To curb inflation, India has been preventing wheat exports from May 14th. The UAE imports wheat from Australia as well as Pakistan. Pakistan is already short of wheat.
Australia is the only option. The UAE is India’s third-largest export market for wheat. In 2020-21, India imported 3,30707 metric tonnes of wheat from the UAE. The availability of food products in the UAE has not been affected by global changes in imports and exports.
There are reports that wheat from India will be accessible to countries like the UAE and Saudi Arabia, despite the ban. Yesterday, Piyush Goyal, Union Minister of State for Commerce and Industry, stated at the World Economic Forum that wheat exports are not ruled out under the agreement between the countries. Prices are likely to fall if this is true.