NEW DELHI: India plans to restrict sugar exports for the first time in six years to prevent a surge in domestic prices, potentially capping this season's exports at 10 million tonnes, a government source told Reuters on Tuesday .Reuters in March reported that India was planning to curb sugar exports to keep a lid on local prices and ensure steady supplies in the domestic market.
Initially, India planned to cap sugar exports at 8 million tonnes, but the government later decided to allow mills to sell some more sugar on the world market as production estimates were revised upwards. Indian mills have so far signed contracts to export 8.5 million tonnes of sugar in the current 2021/22 marketing year without government subsidies. Out of the contracted 8.5 million tonnes, mills have already dispatched around 7.1 million tonnes of the sweetener.
Traders, however, said the decision to allow mills to export 10 million tonnes would help the country sell a reasonably big quantity of sugar on the world market.
Die Lor..Indonesia ban palmoil export earlier, than Malaysia ban export of chicken, now India restrict sugar exports..anymore?
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