Curb On Sugar Exports Extended Beyond Oct 31

New Delhi, Oct 18 (KNN) Directorate General of Foreign Trade (DGFT) on Wednesday announced that the restriction on export of all varieties of sugar has been extended beyond October 31, as per the notification.

“This restriction is not applicable to sugar being exported to EU and USA under CXL and TRQ quota as per prescribed procedure in the respective public notices,” said the notification.

India, world's second-largest sugar exporter last year had placed sugar in a restricted category until October 31, 2023 ‘to prevent uncontrolled export of sugar and with a view to ensure sufficient availability of sugar for domestic consumption at a reasonable price.’

India allowed mills to export only 6.1 million tonnes of sugar during the current season ending on September 30, after letting them sell a record 11.1 million tonnes last season.

Monsoon rains in the top sugarcane growing districts of the western state of Maharashtra and the southern state of Karnataka, which together account for more than half of India's total sugar output, have been as much as 50% below average so far this year, weather department data showed.

India's sugar production could fall 3.3 per cent to 31.7 million tonnes in the 2023/24 season, the Indian Sugar Mills Association (ISMA) said.

The last time India imposed a 20 per cent tax on sugar exports to curb overseas sales was back in 2016.

(KNN Bureau)