After the Green Revolution in India, the agriculture sector in the country has seen a huge business increase in production and export to foreign markets. If we talk about wheat cultivation, India is the second-largest producer and exporter of wheat in the world.
Wheat is the largest of all other crops combined in terms of world trade. Therefore, the wheat export business is always a profitable sector in the Indian export industry. For the export learner, entering India’s wheat export business is the safest of all trades. The APEDA( Agriculture and Processed Food Products Export Development Authority) is moving forward and revolutionizing Indian wheat export companies by enhancing agricultural infrastructure.
Why is starting a wheat export business profitable?
- Due to the decline in wheat production in the US, there is a huge potential for wheat exports from India.
- Rice is the staple food of India. Therefore, the domestic consumption of wheat is less than that of other major exporting countries. This boosts the export of wheat from India.
- APEDA is moving forward and revolutionizing Indian wheat export industries by enhancing agricultural infrastructure.
- The government has formulated an updated export policy for wheat.
- Due to the increasing use of bread as a staple food, wheat remains in demand throughout the year.
How to Start Profitable Wheat Import/Export Business
Due to the different agro-climatic regions of India, wheat cultivation and export are equally beneficial for both farmers and exporters. Some licenses are mandatory to start exporting wheat as per the criteria laid down by the government.
You need to obtain an APEDA license before starting a wheat export business, the license is a seal of approval from the government.
Import Export Code
You need to register for an import-export code after the APEDA license.
RCMC(Registration Cum Membership Certificate)
Apply for a registration cum membership certificate, known as RCMC and seen as a gateway certificate for any foreign trade.
To start a profitable wheat export business in India, you need to register a company. There are five main categories of companies that an entrepreneur can join in India
- Sole proprietorship
- One-person company
- Partnership company
- Limited liability company
- Private limited company
To Open Bank Account
Once you have registered a company, you will need to open a current bank account in your company name. Currently, you can open a bank account in SPICE form only when applying for private company registration in India.
After the company is established, you will need to apply for GST registration and obtain a GST number for further business activities.
Register your company name with a trademark that will protect your brand internationally.
India wheat export and output
Indian online wheat prices may rise in the future due to the tight supply of crops at major trading centers. The Government of India is also completing its procurement, now with 40.98 million metric tonnes of wheat, an increase of 13% over the year 2021. Domestic prices in major wheat-producing states are higher from 18,400 to 19,200 / mt about $ 245- $ 246 / mt.
Export prices have also risen in 2020-2021 due to the current rise in prices; The average export price of Indian wheat was $ 243 / MT. Despite the high export price, the US Department of Agriculture reports that Indian wheat exports for 2020-21 have reached 1.8 million tonnes, the highest in the last six months.
Wheat is one of the most commonly consumed food products in the world and people also search for wheat online. It is a staple for around two-thirds of the world’s population. According to APEDA, wheat has been the second-largest traded agricultural commodity exported from India, after rice.
India has the highest production of wheat in the world. But the rapid increase in its population has increased its demand and consumption of wheat. The Agriculture and Food Products Export Development Authority (APEDA) reported that India exported 2.1 million metric tonnes in the year 2020-2021. This export figure was not limited to the US. Russia also started importing wheat as the consumption of wheat increased from 37.8 million metric tons to 44.1 million metric tons in 2020.
On top of that, many countries have started investing in Indian companies for exporting wheat from India because they want a healthy supply chain to cater to their growing demand for wheat. If you are planning to start a business, then you can import or export wheat from India because it’s an important crop globally and there are many business opportunities in their trade across countries worldwide.
Do You Know About The Latest Trends In Wheat Trade?
Before starting any type of trade business, you should be aware of the latest trends that affect your trade business. In recent years, there has been an increasing demand for wheat from countries like Bangladesh and Sri Lanka because they don’t produce enough to meet their domestic demands. Along with Bangladesh and Sri Lanka, there are many countries all over the world that are looking forward to it.
Export business with Tradologie.com
The Tradologie.com platform is the best online food and agri-commodity trading hub for international buyers and sellers to trade with each other.
It provides an online platform for international buyers to find competitive prices for agri-commodities and food products like wheat, rice, pulses, sugar, spices, etc. from Indian suppliers and importers.
You can get the opportunity to export wheat at competitive prices on Tradologie.com.
Benefits of Trading on Tradologie.com:
On Tradologie.com you will find the best prices quoted by sellers while importing wheat
You can find a wide range of wheat varieties like Wheat Flour, Wheat Bran, Maize (Corn), Broken Wheat, Whole Wheat Flour, etc.
The best thing about trading on Tradologie.com is that you can sell or buy wheat as per your requirement or budget
The platform has a user-friendly interface with a free to join system making it easier for you to register on the site
The payment options are also flexible as you can trade through cash, cheque, or LC payment options