The decision of the Indian government to significantly reduce sugar exports takes effect today. Last week the New Delhi government announced its intention to limit sugar exports to ensure availability in the domestic market.
“Exports of sugar (raw, processed and white) will be restricted from 1 June 2022,” the Directorate-General for Foreign Trade said in a statement issued last week. The restriction is valid from June 1 to October 31. However, it was emphasized that sugar exports would be permitted with special permission.
The Indian government reportedly made this decision after estimating that international developments are expected to increase the demand for sugar.
The decision to drastically reduce sugar exports came just days after the Indian government banned grain exports in order to curb domestic prices.
India is the largest producer of sugar in the world, but most of the production is consumed in the domestic market. It is the second largest exporter of sugar after Brazil.
SOURCE: AMPE
Source: Capital
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