New Delhi, May 24: The government is likely to restrict sugar exports to 10 million tonnes for the first time in six years in order to maintain enough domestic supply and prevent rise in prices, according to official sources.
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 added. Russia To Deepen Economic Ties With China; Foreign Minister Sergey Lavrov Says 'Will Decide How To Deal With the West'.
India is the world's second largest producer and exporter after Brazil.
"A notification on sugar export restrictions will be issued in a day or two," the sources said.
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.
Also, the country's priority is first to meet the domestic requirement, keep prices under check and allow export only if there is surplus quantity, the sources said.
Restrictions are likely to be 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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