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Sugar exports soars 46% to 1.6 MT so far in 2015-16 marketing year

14 Jun 2016 Evaluate

India has exported over 1.6 million tonnes (MT) of sugar so far in 2015-16 marketing year that started from October last year. As per information provided by Indian Sugar Mills Association (ISMA), this is a jump of 46% compared to 1.1 MT of sugar exported in the 2014-15 marketing year (October-September).

Last week, the Food Ministry proposed to levy 25% customs duty on export of sugar to keep the exports under control as sugar prices in the international markets are rising and traders might increase the export to maximize profits.

India is the second largest producer of the commodity after Brazil but the biggest consumer of the sweetener. The government has pegged sugar production at 23-24 MT for 2016-17 marketing year. The total availability would however be 30-31 MT on the back of opening stocks of over 7 MT.