Pakistan To Export 2 Mln Tons Of Wheat

Pakistan has decided to export 2 million metric tons of wheat immediately, according to a statement issued by the prime minister's office Thursday.

The decision was taken at a meeting chaired by Prime Minister Yousuf Reza Gilani to review the current wheat stock position and to assess the quantity of the new crop.

Pakistan is expecting 24 million tons of wheat production this year, against its annual consumption of 22 million tons. It had 5.1 million tons of stock as on March 1.The new season's harvest is expected to start from mid-April. The country produced 20.8 million tons last year.

Pakistani industry officials want the government to allow exports of around 200,000 tons of wheat products, like flour, to Afghanistan as they say that there will be no shortage of the grain in the local market.

Wheat product exports by Pakistan could help increase the global supply of foodgrains further in the coming months and bring down prices along with the upcoming harvests in India, China, South America and the European Union.

Source: CME Group