Millennium Post

FCI exports 4.19 mt wheat for Rs 7,000 crore in 1 year

FCI exports 4.19 mt wheat for Rs 7,000 crore in 1 year
State-run Food Corporation of India (FCI) has exported 4.19 million tonnes (mt) of wheat, valued at more than Rs 7,000 crore, in the past one year.

Due to surplus wheat stock, the government had permitted FCI to export 4.5 million tonnes of the grain in July last year. The deadline for export is 30 June, this year.

'The export process has been completed. We have received bids for 4.19 million tonnes, which will fetch more than Rs 7,000 crore at an average price of about $310 per tonne' a senior FCI official said.

Out of 4.19 million tonnes, a major quantity has already been shipped to South Korea, Ethiopia, Bangladesh, Yemen, Thailand and Indonesia, he said.

Maximum wheat has been exported to South Korea at one million tonnes. Small quantities of wheat were also shipped to Vietnam, Malaysia, Philippines and the Middle East. The official said that no profits were made from exports but indirect saving on carrying and storage cost of wheat to the tune of about Rs 1,000 crore was made.

The last wheat export tender was floated during third week of June for about 2,90,000 tonnes but received bids for only 70,000 tonnes, he added. The FCI official said good price for Indian wheat was received in line with Australian soft wheat, considered as the best in the world. 'There is greater acceptability of our wheat in the global market now,' he added.

The official, however, observed that the FCI could have secured higher price if handling process was fully mechanised. The FCI is currently handling 77 million tonnes of foodgrains.
Agencies

Agencies

Our contributor helps bringing the latest updates to you


Share it
Top