India bans maize imports until Oct 15
The Indian government has banned export of maize till 15 October to increase availability in the domestic market and check prices of corn, poultry and other products.
Maize prices have gone up by 40% to Rs970 per quintal in July from Rs700 per
quintal in January despite bumper crop in 2007-08.
Government has
already banned exports of wheat, non-basmati rice, edible oil and pulses. “Is
there any more item left from the bans?” Commerce and Industry Minister Kamal
Nath had asked recently. “Rising global demand because of diversion of maize for
bio-fuels, particularly in the US, has had an impact on the domestic prices as
well,” traders said.
“With India being the sixth largest supplier of
corn in the world, the decision to ban exports would weigh on the international
market,” they said. The country exported 2.5 million tons in 2007-08 as compared
to a small quantity of just over half a million tons last year.
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