JAKARTA - India will allow grain shipments abroad pending customs clearance. The government previously introduced some relaxations in exports after banning overseas sales of staples on Saturday 14 May.
India will also allow wheat exports to Egypt, the government said in a statement.
"It has been decided that wherever grain consignments have been submitted to Customs for inspection and have been registered into their (Customs) system, either on May 13, 2022, or earlier, will be allowed to be shipped out," the government said. May 17th.
India banned wheat exports on Saturday May 14, just days after saying it was targeting shipments of a record 10 million tonnes this year, as a scorching heatwave curtailed production and domestic prices hit record highs.
The government said it would only allow exports backed by letters of credit (LC), or payment guarantees, issued before May 13.
These provisions create uncertainty. Of the approximately 2.2 million tonnes of wheat in port or en route, traders say they have LC for only 400,000 tonnes.
The decision to ban wheat exports also trapped some 1.8 million tonnes of grain in ports, leaving traders with heavy losses from the prospect of selling to a weaker domestic market.
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