Curbs on sugar exports extended in India till Oct 2023

India, the world’s largest sugar producer, has extended sugar export restrictions for another year until the end of October 2023, the government said in an announcement on Friday.

The South Asian country has restricted exports until the end of this month to curb a rise in domestic prices after record exports, Reuters news agency reported.

Government official added that India is expected to produce record road service this year, this could allow New Delhi to allow exports of up to 8 million tonnes.

India’s domestic sugar consumption is estimated at around 27.5 million tonnes and mills are expected to convert 4.5 million tonnes of sugar to ethanol production in the 2022-23 crop year. The mills will also set aside at least 6 million tons of sugar as their annual stockpile.

Taking advantage of attractive global prices, traders have signed an agreement to export 400,000 tons of raw sugar for the 2022/23 season.

India, which is trying to contain inflation from multi-year highs, recently banned wheat exports, Limited sugar exports and allowed duty-free import of soyoil and sunflower oil.

For the current marketing year, India has capped sugar exports at 11.2 million tonnes, to keep domestic prices down after mills sold record volumes in the global market.

The sugar season usually starts from October to September, while the sugarcane pressing season usually starts from October to November and lasts until mid-April.

India has had open sugar in the range of 8-10 million tonnes for the past few years, however, it is expected to be 6 million tonnes in the 2022-23 crop.

(With Reuters input)

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