India, which is the world’s biggest sugar producer and the second biggest exporter after, 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
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)