India is the world’s largest producer of sugar, and in terms of sugar exports, the Asian country comes in second to Brazil. The ISO reduced its estimate for the world’s sugar surplus for 2022–2023 from 6.19 MMT to 4.15 MMT and raised its 2021-22 global sugar deficit estimate to -2.25 MMT from a prior estimate of -1.67 MMT. However, the ISO continues to forecast that global sugar production will increase by +4.8% year over year to a record high of 180.4 MMT in 2022–23.
The Economic Coordination Committee (ECC) is Pakistan’s principal federal institution and a consultative forum used by the country’s Prime Minister as its chairman for matters concerning the nation’s economic security and issues concerning geo-economic, political-economic, and financial endowment.
Government of India had imposed restrictions on sugar exports effective from June 1 to control prices and maintain adequacy of sugar in domestic market. Now GOI has approved export of 1.2 MT extra sugar this season as high production next season is expected. This season 10 MT sugar has already been exported and this new quota is additional. Thus total sugar outflows will be 11 MT this season making it highest ever. This new quota is a recent approval of group of ministers.