Egypt is currently in talks with India over a deal to import 500,000 tons of Indian wheat in exchange for Egyptian exports of fertilizers and other products, the country’s Minister of Supply and Internal Trade Ali al-Moselhi revealed to Bloomberg on June 3.

Moselhi said that he discussed the potential swap deal with the Indian ambassador to Egypt on the sidelines of the annual meetings of the Islamic Development Bank held in Sharm el-Sheikh in June. Bloomberg quoted Moselhi as saying that he met the Indian ambassador on June 1 “to discuss the potential swap agreement to secure 500,000 tons of wheat, through various shipments.”

The potential Egyptian-Indian deal comes amid a global wheat supply shortage sparked by the Russian invasion of Ukraine after Russian forces closed Ukrainian seaports.

Ahmed Kamal el-Attar, head of Egypt’s agency for import and export regulation, spoke to Al-Monitor about the soaring prices of wheat in the global market. He said, “The price of wheat in international markets has risen by more than 5% due to the rise in wheat futures on the Chicago Board of Trade by as much as 5.4% to $10.95 per bushel, up from of $10.45, with forecasts of lower cereal production for 2022 and 2023, according to a report by the US Department of Agriculture.”