Domestic Economy

LC Issued to Import 3.5m Tons of Wheat

Wheat is considered an essential commodity in Iran and the government heavily subsidizes its imports
LC Issued to Import 3.5m Tons of Wheat
LC Issued to Import 3.5m Tons of Wheat

Iran needs to import 3.5 million tons of wheat by May 21 and a letter of credit (LC) has been issued to this end, according to the head of Federation for Iranian Food Industries Associations.
“Russia and Ukraine have been traditional suppliers of the staple grain as well as corn and oilseeds to Iran for years. Other countries, too, buy part of their demand for wheat from the two countries now engaged in war. We import wheat from Germany, Australia, Canada and Argentina as well,” Mohammad Reza Mortazavi was also quoted as saying by ILNA.
Noting that every year up until May, prices of agricultural products rise, the official said this year the conflict between Ukraine and Russia has also impacted global prices, adding that over the past six months, wheat has seen the highest price rise in the past five years.


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