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29 Oct, 2022 12:12

World’s largest sugar producer extends export restrictions – media

India introduced curbs in May to tackle a surge in domestic prices
World’s largest sugar producer extends export restrictions – media

India, the world’s biggest sugar producer, has extended a ban on exports of the product by a further year until October 2023, Reuters reported, citing a government notification.

“Restriction on export of sugar (raw, refined, and white sugar) is extended beyond October 31, 2022 till October 31, 2023, or until further orders, whichever is earlier. Other conditions will remain unchanged,” a notification from the Directorate General of Foreign Trade (DGFT) announced on Friday.

In May, New Delhi restricted exports of sugar through the end of the current month to tackle the rise in domestic prices that followed record-high exports of the sweetener. The restrictive measure, which had been imposed for the first time in six years, capped exports at 10 million tons. 

India’s sugar exports reportedly surged 57% to 8.6 million tons until May of the ongoing 2021-22 marketing year ending September.

Earlier this month, the government and industry officials said India, the second biggest exporter behind Brazil, was expected to produce a record sugar crop in 2022, which could allow the nation to export up to eight million tons.

After diverting nearly 4.5 million tons of sugar for ethanol production, India is expected to manufacture some 36.5 million tons of the commodity in the 2022-23 season, up 2% from the previous season.

For more stories on economy & finance visit RT's business section