Government exports 1.5 MT of wheat worth Rs 2,590 crore

India exported about 1.5 million tonnes (MT) of wheat out of 2 MT stocks allowed for overseas shipments from surplus stocks of Food Corporation of India (FCI). The average price realized from export of wheat was at $283 per tonne and government is estimated to earn Rs 2,590 crore. The government is unlikely to float any new tenders for export of wheat. The government earned $1.4 billion from export of 4.2 MT of wheat by PSUs in 2012-13. In the previous financial year, Indian wheat fetched an average price of $311.38 per tonne.  Majority of the wheat has been shipped to neighbouring Bangladesh, while some quantities have also been exported to Ethiopia, Yemen, South Korea and Sri Lanka. In August 2013, the Centre had allowed FCI to export 2 MT of wheat from its surplus stocks through public trading firms STC, MMTC and PEC at a base price of $300 per tonne. In order to make shipments viable the floor price was later cut to $260 per tonne. Other major international players like US and Canada were offering their wheat at lower prices in the international market.