Egypt in talks with India over wheat-for-goods swap

Egypt’s Supply Minister Aly el-Moselhy has said that Cairo is in talks to import wheat from India in exchange for products such as fertilizers in return, according to Bloomberg. 

El-Moselhy said that he met with India’s ambassador to Cairo on Wednesday to discuss the agreement that would see Egypt import 500,000 tonnes of wheat from India. 

The global supply of wheat has been hit hard by Russia’s invasion of Ukraine. Both countries are among the world’s top suppliers of wheat, and the war has meant that states dependent on their wheat exports have had to look elsewhere to make up the shortfall. 

This has led to a rise in prices of food, along with gas, oil, and other essential commodities, that could plunge thousands around the world into poverty. 

Wheat is a staple in Egypt, and, as one of the world’s biggest importers of wheat in the world, is especially vulnerable to disruptions in its supply. 

In May, New Delhi banned the export of wheat from India to bolster its own food security, which could make it more difficult for Cairo to secure any shipments.