Centre imposes restrictions on sugar exports from June 1
This is being done for the first time in six years in order to maintain enough domestic supply and prevent rise in prices
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Centre has imposed restrictions on sugar exports from June 1, Directorate General of Foreign Trade (DGFT) said. This is being done for the first time in six years in order to maintain enough domestic supply and prevent rise in prices.
"To maintain domestic availability & price stability of sugar in the country during sugar season 2021-22 (October-September), Central govt to regulate sugar exports w.e.f June 1, 2022, till further orders. Govt will allow sugar exports up to 100 LMT," the Ministry of Consumer Affairs said in a statement.
Mills have contracted for export of 9 million tonnes of sugar so far in the 2021-22 marketing year (October-September). Out of which, 7.5 million tonnes of the sweetener has been exported, the sources told PTI.
India is the world's second-largest producer and exporter after Brazil.
A closing stock of 6 million tonnes is required at the end of September 2022, to meet the domestic demand in the first two months of the new 2022-23 marketing year.
Meanwhile, the restrictions have been imposed months ahead of the closing of the current marketing year, so that the contracted quantity of sugar is shipped smoothly, the sources added.
In 2020-21, the country exported 7 million tonnes of sugar.
The major importing countries are Indonesia, Afghanistan, Sri Lanka, Bangladesh, UAE, Malaysia and African countries.
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