India's sugar output to fall by 9% in 2023

Published 2023년 5월 5일

Tridge summary

India is contemplating a ban on the export of granulated sugar in anticipation of reduced production due to adverse weather conditions and inflationary pressures linked to upcoming parliamentary elections. Despite the potential ban, the domestic market in India has ample sugar supply, with a demand of 27.5 million tons against a production forecast of 32.7 million tons for the 2022/2023 season. A group of ministers has recommended ceasing export activities immediately. Currently, a kilogram of sugar in India costs 42.24 rupees (234 tenge), marking a slight annual increase of 2.25%. The decision on the export ban is pending, and in the meantime, India has been exporting sugar to countries like Bangladesh, China, Libya, Cameroon, Sri Lanka, and Indonesia, with Bangladesh being the largest buyer.

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Original content

India is preparing to make an important decision that will affect the global market, but it is not yet known exactly how. The country's authorities intend to ban the export of granulated sugar. They want to take this step for two reasons. Firstly, because of the weather, its production volumes have decreased, and, secondly, they are afraid of strong inflationary pressure caused by parliamentary elections, KazakhZerno.kz writes. So far, there is no problem with sugar in India. The domestic market receives it in the required volumes. It is known that it needs 27.5 million tons to cover its own needs in it. The situation may change dramatically due to the fact that elections will be held in the state in 2023, and in the lower house of parliament in 2024. It is already known that a group of ministers has made a recommendation to the sugar mills. They must immediately stop exporting the finished product abroad. How much is a kilogram of sugar in India now? 42.24 rupees (234 tenge). A ...

Source: Kazakh-zerno