Malaysia has urged India to ease export curbs on sugar.
On Thursday, Malaysia’s Minister for Plantation and Commodities, Johari Abdul Ghani, said that Malaysia has requested India to relax export restrictions on certain agricultural products such as rice and sugar.
India has imposed restrictions on sugar exports amid concerns over a poor crop and rising prices.
At an industry conference in New Delhi, Johari Abdul Ghani remarked that India’s abrupt export restrictions on agricultural products are bad for Malaysia. He expressed optimism, stating, “If India opens up, it will benefit Malaysia.”
India has been a significant supplier of sugar, rice, and onions to Malaysia.
The sugar industry body ISMA has also urged the government to allow sugar exports. ISMA predicts a significant sugar surplus. According to the sugar body, the opening stock of approximately 56 lakh tonnes in October 2023, coupled with forecasted domestic consumption of nearly 285 lakh tonnes for the season, will result in a higher closing stock of 91 lakh tonnes by the end of September 2024. This estimated surplus, amounting to 36 lakh tonnes above the normative stock of 55 lakh tonnes, can potentially lead to additional costs for millers due to idle inventory and carrying costs. ISMA claims that allowing sugar exports will enhance the financial liquidity of sugar mills and facilitate timely payments to cane farmers.
