India has exported 29.95 lakh tonnes (LT) of sugar valued at $194 million during the first ten months of the current fiscal, as per information provided by Commerce and Industry Minister Nirmala Sitharaman. The country had exported 19.55 LT of sugar in 2014-15 fiscal valued at $103.93 million.
The government has fixed Minimum Indicative Export Quota (MIEQ) for each mill for sugar season 2015-16 in order to evacuate surplus stocks, which will also help to reduce the inventory pressure on domestic sugar prices. The country’s sugar production rose 2% to 19.94 million tonnes(MT) during the first five months of the current marketing year (October-September), as per information provided by Indian Sugar Mills Association ( ISMA).
Sugar output of India, the world’s second-largest producer and biggest consumer, is estimated to decline to 26 MT in 2015-16 marketing year as against 28.3 MT in the previous year due to deficit rains.