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India may reduce or remove wheat import duty to lower prices

2023-08-04 16:04:00, Kosova & Bota CNA

India may reduce or remove wheat import duty to lower prices

India is considering cutting or removing a 40% import tax on wheat, Food Secretary Sanjeev Chopra said on Friday, as the world's second-biggest producer struggles to keep prices down.

Indian imports could boost global prices as supplies have already been cut off from major exporting countries in the Black Sea region after a deal that allowed safe passage for ships carrying wheat for the past year expired in July, Reuters reports.

India in June imposed a limit on the amount of wheat stocks traders can hold, for the first time in 15 years, to lower prices.

Chicago wheat futures extended gains to add as much as 4.3% after Chopra's comments./ CNA.al





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