In terms of sugar exports, India, the largest sugar producer, ranks behind Brazil. India’s sugar prices on the 2nd of December’22 posted moderate losses due to an increased output of sugar in India as high output is bearish for the prices of the commodity.
The Indian Sugar Mills Association (ISMA) on the 2nd of December reported that India’s October-November sugar production rose by 1.5% year-on-year to 4.79 Million Metric Tonnes (MMT) which has kept India as the world’s largest sugar producer.
Indian exporters and mills signed several agreements for the export of sugar due to its bumper production of the designated 60 lakh tonnes of sugar and since the deliveries ought to be completed by end of March’23.
India’s Sugar Exports
Indian exporters exported a record 111 lakh tonnes of sugar in the 2021-22 fiscal year. Indian sugar is highly demanded in the local markets and as per the All India Sugar Trade Association (AISTA), India has exported 5.62 lakh tonnes of sugar so far in the 2022-23 financial year that began in October as per a report released by AISTA on 20th December’22.
In November’22, the Indian Government allowed for the export of 60 lakh tonnes of sugar in the current (2022-23) marketing year (October-September). As per AISTA, till 9th December’22 of the current fiscal year, sugar mills dispatched 12.19 lakh tonnes of sugar for exports, and out of these, the physical shipments that were completed stood at 5.62 lakh tonnes.
Around 5.22 lakh tonnes of sugar are still underloading or are waiting for exports. A large volume of Sugar Exports has gone to the UAE, followed by countries such as Bangladesh, Indonesia, Somalia, and a few others in the same period.
Changes In The Sugar Industry
Due to the rise in the global prices of sugar, several sugar mills have been renegotiating their pre-agreed export contracts to command higher prices for sugar exports. Stocks of sugar companies also jumped up by 20% on the back of hope that the GOI would enhance the export quota after the numbers projected in the domestic production assessment in the month of January’23.
The changes in guidelines in the past instilled a selling of quotas to some of the most prominent exporters which drove out small exporters but the recent changes in the guidelines have brought in favorable changes in the market which can be seen by the present number of exports.
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