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South Asia is anticipated to import nearly 14 million tons wheat in 2023/24
20.02.2024 20:27 "Agro Perspectiva" (Kyiv) —
According to the report of the USDA Grain: World Markets and Trade (February 2024), South Asia is a net importing region for wheat that is anticipated to import nearly 14 million tons in 2023/24. The region accounts for approximately 20 percent of global production and consumption. In general, this region seeks lower-cost imports and as such has become largely dependent upon Black Sea wheat exports. Although India is the largest producer and consumer in the South Asian region, India is not a major importer and regional imports are driven more by Bangladesh and recently Pakistan. Bangladesh is the largest importer in the region, with domestic production accounting for only 15 percent of consumption. Over the past decade, consumption nearly doubled as consumer diets began shifting from rice to wheat. However, after wheat prices skyrocketed following Russia’s invasion of Ukraine (two of its primary suppliers), Bangladesh briefly turned to India as an alternative until India instituted an export ban. Wheat imports and consumption fell in both 2021/22 and 2022/23 as prices soared, but have risen in 2023/24 as wheat prices became more competitive with rice. As a result, Bangladesh wheat imports have risen with both the state grains buyer (Directorate General of Food) actively tendering and private sector buying more as consumers add more wheat to their diets.
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