Indian grapes and mangoes impacted by Western sanctions

India

Tuesday 15 March 2022

Indian exports of grapes and mangoes are likely to be impacted by the sanctions applied against Russia (Photo : indiashippingnews.com) .

The various sanctions applied by Western countries, following the Russian military action in Ukraine, are likely to have an impact on Indian grape and mango exports.

Following the Russian military action in Ukraine, Western countries have decided to impose various sanctions on Russia, including exclusion from the SWIFT (Society for Worldwide Interbank Financial Telecommunication) network. This exclusion prevents exporters and importers from receiving or paying for goods shipped or received from other countries.

This sanction worries the grape sector, whose export season is in full swing. Russia accounts for about 10% of India's grape exports.

An exporting company considered that the fear was that payments would be blocked and not that the volumes shipped would be reduced. The grape export campaign has started with excessively high transport costs, but the demand from international markets remains.

Indian mango exporters are also concerned about the effects of Western sanctions against Russia. The country is preparing for an abundant mango season, with more volume produced and more volume exported. Harvest conditions are considered excellent and the first estimates indicate that the arrival of mangoes on the market will be late, but the volume will be high.

source : indianexpress.com