India finds a new wheat market in Turkey | SupportBiz

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India finds a new wheat market in Turkey

 
A Turkish company, Tarimex, has expressed interest in importing wheat from India, reports The Economic Times. This announcement was made by an official of the Agricultural and Processed Food Products Export Development Authority.

He stated that the quantity of wheat that would be exported to Turkey is yet unclear.

If the deal with Tarimex works out, Turkey will be a new export market for the country after Iran. The deal will considerably help in scaling up the wheat exports which are presently recorded at approximately six lakh tonnes.

The Tarimex deal spells out hope for wheat exporters in India, who have been facing challenges due to the availability of cheaper grain from Russia and Australia in the global market.

Turkey largely procures wheat from countries like the US, Russia, Ukraine and Kazakhstan, but is in need of an increased supply, owing to its increased pasta and wheat flour exports. It currently sells pasta to over 130 countries. Turkey’s total pasta and wheat flour exports at present have been recorded at approximately 4,00,000 tonnes and two million tonnes respectively.

It is anticipated that India will sell wheat to Turkey at the rate of USD300 per tonne, about USD50 higher than the price of wheat from Russia.

Bilateral trade between India and Turkey is currently about USD7 billion. Burak Akcapar, Turkish Ambassador to India, recently expressed his expectation that it will grow to USD20 billion in the next few years, with the involvement in sectors like textile equipment, chemicals, electronics, electrical appliances and kitchenware.

Source: The Economic Times