Indian Sugar Mills Seek 10 Lakh Ton Export Quota For 2023-24

Mumbai, Apr 3 (KNN) The Indian Sugar Mills Association (ISMA) has requested the government to allow exports of 10 lakh tons of sugar during the current season ending September.

The request comes as the country's sugar production reached 302.20 lakh tons until March, exceeding last year's 300.77 lakh tons over the same period.

Anticipating Healthy Closing Stocks In its latest estimate in mid-March, ISMA had revised its net sugar production projection for 2023-24 upwards to 320 lakh tons.

With healthy closing stock levels expected, the industry body says exports of 10 lakh tons can be permitted without disrupting domestic supplies or the EBP (Ethanol Blending Program).

Normal Monsoon Forecast for 2024 Weather agencies have forecast a normal to above-normal Southwest monsoon this year.

As a result, ISMA expects only a moderate sugarcane crush during the 2024-25 season ahead, justifying the case for sugar exports in the ongoing season.

The government currently has curbs on sugar exports to balance domestic availability and prices.

Any approval for additional export quotas could aid mills in managing surplus stocks while generating revenues from global sales.

(KNN Bureau)