MOSCOW, May 25 — Indian authorities are introducing regulation of sugar export during harvest season to secure domestic availability and stable prices, limiting export to 10 million tons, reported Sputnik.
“With a view to ensure adequate availability of sugar within the country, it has been decided to monitor sugar export and regulate for a maximum quantity of 100 Lakh (10 million) MT of export of sugar during the current ‘Sugar Season’ i.e. 2021-22,” said the Indian Ministry of Consumer Affairs, Food and Public Distribution on Wednesday in a statement.
The regulation will apply from June 1 to October 31, or until further notice, the ministry added. The export of sugar is allowed only with specific permission from the ministry.
The decision was made in light of the unprecedented growth in sugar exports and the need to maintain sufficient amount in the country, the ministry said. It aims to stock 6-6.5 million tons of sugar by the end of the season, which is two to three months of stock needed for domestic consumption.
“Contracts for export of about 90 LMT have been signed in current sugar season 2021-22 out of which apporx. 82 LMT sugar has been dispatched by sugar mills for export and about 78 LMT of sugar have been exported. Export of sugar in current sugar season 2021-22 is the historically highest,” the statement read.
Earlier in May, India imposed a ban on wheat exports due to a recent hike in global wheat prices, which could potentially hit food security in the country and region. This caused wheat prices in Europe to jump to a record US$455 per ton.