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.
