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Govt Likely To Cap Sugar Exports To 10 Million Tonnes This Year: Report

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New Delhi: The Centre is more likely to limit sugar exports to 10 million tonnes for the primary time in six years with the intention to preserve sufficient home provide and forestall rise in costs, quoting official sources, the PTI reported.

Mills have contracted for export of 9 million tonnes of sugar to this point within the FY21-22 advertising 12 months (October-September). Out of which, 7.5 million tonnes of the sweetener has been exported, the sources added.

India is the world’s second-largest producer and exporter after Brazil. “A notification on sugar export restrictions shall be issued in a day or two,” the sources mentioned.

A closing inventory of 6 million tonnes is required on the finish of September 2022, to fulfill the home demand within the first two months of the brand new 2022-23 advertising 12 months. Additionally, the nation’s precedence is first to fulfill the home requirement, maintain costs underneath examine and permit export provided that there’s surplus amount, the sources mentioned.

Restrictions are more likely to be imposed months forward of the closing of the present advertising 12 months, in order that the contracted amount of sugar is shipped easily, the sources added.

In 2020-21, the nation exported 7 million tonnes of sugar. The most important importing international locations are Indonesia, Afghanistan, Sri Lanka, Bangladesh, UAE, Malaysia, and African international locations.

Earlier this month, India took the world without warning when it curbed exports of wheat after a heatwave destroyed some crops, inflicting a leap in benchmark costs. Steps by governments to ban gross sales overseas, notably in Asia, have ramped up in latest weeks since Russia’s invasion of Ukraine sparked an additional surge in already-soaring international meals costs, Bloomberg reported.

With inputs from companies

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