REUTERS, Mumbai/New Delhi

Indian traders have begun exporting wheat for the first time ‌in four years, as ample stocks, higher global prices and firmer freight rates have opened a window for them to make small shipments to buyers in Asia and the Middle East, trade sources said.

Consumer goods conglomerate ITC has started loading 22,000 metric tons ​of wheat at the western port of Kandla for shipment to the United Arab Emirates, sources said, ​declining to be identified as they were not authorised to speak to the media.

ITC did not immediately respond to a Reuters request for comment.

India, the world’s largest wheat producer after China, has ​allowed exports of the grain this year, lifting a ban on overseas sales imposed in 2022.

New Delhi extended curbs ​in 2023 and 2024 after extreme heat shrivelled crops and depleted stocks, pushing domestic prices to record highs and fuelling speculation it might need to import wheat for the first time since 2017.

Last year’s favourable weather led to a robust harvest, quashing speculation about ​imports, helping the government rebuild depleted reserves and giving it the confidence to allow exports.

Earlier this year, Prime Minister ​Narendra Modi’s government allowed traders to export 2.5 million tons of wheat, before permitting another 2.5 million tons late last month ‌for shipments.