India likely to extend sugar exports by 2-4 mn tonnes this season, says ISMA

The Indian Sugar Mills Association (ISMA) on Wednesday said India is likely to extend the limit of sugar exports by 2-4 million tonnes in the 2022-23 season. The move will leave total exports at 8-10 million tonnes and below last year’s level.

India, which is the world’s biggest sugar producer and the second biggest exporter after Brazil, exported over 11 million tonnes of sugar in the October-September season of 2021-22.

The government earlier this month approved a first tranche of exports for 2022/23 at 6 million tonnes in a move that helped cap recent upward pressure on benchmark ICE sugar prices.

“Definitely there will be a second tranche … between 2-4 million tonnes, depending on production,” Reuters quoted Aditya Jhunjhunwala, president of ISMA, as saying on the sidelines of the International Sugar Organisation seminar in London.
He said India would likely produce 36 million tonnes of sugar and 5 million tonnes of ethanol.

Indian consumption is at around 27-27.5 million tonnes, so that leaves 8.5-9 million tonnes for export, he said, adding mills have already signed contracts to export 4 million tonnes of sugar.

(With inputs from Reuters)

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