India seals export contracts for 28 lakh tonne sugar so far

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Mumbai: Rise in the international sugar rates has benefited Indian sugar mills, and they have signed a contract for export of 28 lakh tonne sugar so far. Hike in international sugar prices also helped in increasing domestic sugar rates.

According to the National Federation of Co-operative Sugar Factories (NFCSF), India will achieve a target of 60 lakh tonne this year. Prakash Naiknavare, managing director, NFCSF, said, “Export demand increased due to hike in global prices. We will meet the export target set by the government this year.”

The central government under Maximum Admissible Export Quantity (MAEQ) has set a target of export of six million tonne sugar for the 2019-20 season. Last year government under Minimum Indicative Export Quotas (MIEQ) had set an export target of 5 million tonne sugar, but mills exported only 38 lakh tonne of sugar.

“This year within four months of starting crushing season we have exported 28 lakh tonne sugar and will continue to export sugar further,” said Naiknavare.

The price of raw sugar in the international market has increased by 18 per cent in the last three months. The price of white sugar has gone up by 9 per cent during this period.

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