New Delhi: Prices of sugar in the global market have surged following the talks of a decline in sugar output in Brazil, the world’s largest sugar supplier. According to industry experts, the higher prices of sugar will benefit the sugar exports from India.
In April, the global prices rose by 20% as the Brazilian sugar output is expected to lower by 7-8 million tonnes than last year. Sugar output in Thailand has also lowered by 7-8 million tonnes.
According to Indian Sugar Mills Association (ISMA), as per reports market reports, about 54-55 lakh tonnes of contracts for export of sugar have already been entered into so far. This is more than 90% of the total MAEQ quantity for 2020-21 SS. Out of this, about 25.24 lakh tonnes of sugar have been physically exported out of the country during Jan. 2021 and Mar. 2021, i.e. under the MAEQ export program for 2020-21 SS which was announced on 31st December, 2020. Another around 10 lakh tonnes are estimated to have been shipped out in April 2021, taking the total exported quantity to over 35 lakh tonnes upto end of April, 2021. As per market reports, another 8-10 lakh tonnes of sugar is expected to be physically exported in May 2021.
According to the news report published in Financialexpress.com, The National Federation of Cooperative Sugar Factories (NFCSF) has urged the government to increase export quota considering the situation in the international market.
