India to limit sugar exports to 6 million tons

Published 2023년 2월 9일

Tridge summary

India will export no more than 6 million tons of sugar this season, a reduction from the previous forecast of 9 million tons, due to lower production. The country is the world's second-largest sugar exporter after Brazil. The food production estimate for the season has been reduced to 34 million tonnes from 36.5 million, and is lower than the previous year's production of 35.8 million tonnes. Raw sugar prices are at their highest since late 2016 due to expectations of government-induced export restrictions.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

With production lower than the previous harvest, India must limit sugar exports to just over 6 million tons this season, compared to the 9 million previously forecast by the Indian Association of Sugar Mills. The action sent prices higher in New York. After Brazil, India is the world's largest exporter of sugar. Its customers include Indonesia, Bangladesh, Malaysia and the United Arab Emirates. Indian food production is expected to stand at 34 million tonnes this season, down from the previous estimate of 36.5 million, and lower than the 35.8 million tonnes produced in the previous marketing year. READ MORE > MP 1,157 goes against Brazil's environmental agenda Raw sugar prices are trading at their highest level since late 2016, with traders betting that weaker production in India will prompt the government to restrict exports. The country wants to protect domestic supplies and ensure price stability. Food Secretary Sanjeev Chopra said a ...

Source: Jornalcana