India, the world’s second-largest sugar producer, exported 3.06 million tonne (MT) of the sweetener till June 2 this fiscal — 53% larger than a 12 months earlier than — official sources informed FE. The uncommon surge lends some credence to the federal government’s fears that sugar shares may very well be considerably depleted by the pageant season if outbound shipments have been allowed unhindered.
Interestingly, the nation, which capped sugar exports for the present advertising and marketing 12 months by means of September at 10 MT on May 24, shipped out way more uncooked than refined sugar since April, confirmed the official information. The development was extra pronounced in May when it exported 1 MT of uncooked sugar — method above that of 0.42 MT of refined sugar. In April, it shipped out 0.73 MT of uncooked, towards 0.71 MT of refined sugar.
“The higher raw sugar export in May could have been partly driven by speculations that the government would soon restrict sugar exports. Many traders may have hastened to ship out raw sugar, without trying to get it refined, for fears of possible government clampdown,” an Uttar Pradesh-based miller stated. In May 2021, India exported 0.52 MT of uncooked, towards 0.46 MT of refined sugar. In April 2021, nevertheless, it had shipped out 0.68 MT of sugar in contrast with 0.35 MT of white sugar.
Having notified its plan to manage sugar exports to maintain native provides regular, the meals ministry had requested mills to hunt permits from the directorate of sugar to ship out the sweetener between June 1 and October 31, and file particulars of despatches with the directorate’s portal day by day.
However, re-exports of refined sugar, comprised of uncooked sugar imported below the advance authorisation scheme, might not require prior permission, it had stated.
Source: www.financialexpress.com”