India likely to export 7 million tonnes of sugar this season

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Taking an opportunity of favourable international prices, sugar mills from India may export an additional one million tonnes of sugar this season.

As per port information and market reports, about 58 lakh tonnes of contracts for export of sugar against MAEQ of 60 lakh tonnes of sugar for 2020-21 fixed by the Government, have already been entered into so far.

According to the news report published by deccanherald.com, Abinash Verma, Director General, Indian Sugar Mills Association (ISMA) said, “At this stage, we cannot estimate how much sugar can be exported. Just three months ago, we could not export without a subsidy. Considering the unexpected lower production in Brazil and expected decline in the production from Thailand, prices are moving up. There is an opportunity for Indian sugar mills to export much more this year.”

Verma said due to the attractive prices internationally, sugar mills in India
could export at least one million tonnes more than the export quota this year.

Recently, the Government had reduced its assistance in export of sugar from Rs. 6000 per ton to Rs. 4000 per tonne of sugar for exports against MAEQ for 2020-21 SS, citing current global market scenario.

 

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