Confirmed abundant supply, strategic stock and diversification of supply sources
«Economy»: India accounts for 35% of the UAE's total wheat imports
Abdullah Al Saleh: “Importing costs from the Indian market are more feasible for the UAE compared to many other markets.”
The Undersecretary of the Ministry of Economy, Abdullah Al Saleh, stated that India accounts for 30-35% of the total wheat imports to the UAE markets annually, pointing out that India has been classified as one of the largest suppliers of wheat to the country in recent years.
He pointed out, in press statements, that "the UAE imported about 120,000 tons from India during the past year," noting that "India decided to exclude the UAE from the ban imposed on the export of wheat, which will support the flow of Indian wheat products to local markets during the coming period."
He explained that "there is an abundance of supply and a reassuring sufficiency in the strategic stock of wheat in the country, while the ministry monitors any changes in the markets, and has held talks with traders and wheat-supplying companies to motivate them to expand in diversifying global supply sources of wheat."
Al Saleh added, "Several countries have recently imposed restrictions on the export of their wheat products in light of the crisis and geopolitical tensions in Europe, and therefore the characteristics of the great diversity of supply that characterize the country are positive things," noting that "recording some price variables for products Wheat and grains are due to the effects of international supply repercussions, but it does not affect the abundance of supply.”
He said that "about four years ago, the state reduced the quantities of wheat imports from the Russian market, in return for increasing its imports from the Indian market, with the increase in production quantities in India, as well as resorting to the option of price comparison, as import and shipping costs from the Indian market are more feasible for the state compared to many other countries. other markets.
He explained that "the comprehensive economic partnership agreement between the UAE and India was very facilitating and supported the smooth flow of goods between the two countries, especially during times of crisis," noting that "the most prominent wheat exporters to local markets currently also include Canada, Australia, Romania, Russia, Ukraine, the United States of America, and Argentina." ».
He added that «the ministry is following up the levels of local consumption of various commodities, including grains, to align it with the strategic stock, as it is very important that the commodities be available in the local markets and of high quality, more than paying attention to the high prices in light of the current conditions that control them. Global markets and their surrounding conditions.
It is noteworthy that the UAE imported 1.3 billion dirhams of wheat grains during the past year, according to statistical data of the Ministry of Economy.
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