Foreseeing healthy closing stock by the end of current sugar season, Indian Sugar Mills Association (ISMA) has appealed the government to allow the export of 10 lakh tonne of sugar in the current 2023-24 season. Sugar production has reached 302.20 lakh tonne till March of the current season against 300.77 lakh tonne in the year-ago period.
The industry body said the request for export suggests a careful balance between meeting domestic consumption needs, sustaining the Ethanol Blending Program (EBP) and leveraging surplus for export opportunities. It added weather forecasting agencies have predicted a normal to above-normal South West monsoon for the year 2024. Consequently, a moderate crushing season is expected in the 2024-25 season.
The sugar season runs from October to September. Currently, there are curbs on the export of sugar from the country. In mid-March, ISMA revised its net sugar production estimate for the 2023-24 season to 320 lakh tonne. The net sugar production stood at 328.2 lakh tonnes during the 2022-23 marketing year with a diversion of 38 lakh tonnes of sweetener for ethanol-making from sugarcane juice and B-heavy molasses.
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