India To Cap Sugar Exports Until H1 2024 As El Nino Looms - Govt Sources

1. India To Cap Sugar Exports Until H1 2024 As El Nino Looms India To Cap Sugar Exports Until H1 2024 As El Nino Looms - - Govt Sources Sources Govt India, the world's second-biggest sugar exporter, usually decides the amount of the sweetener mills can export before the start of the new marketing year on Oct. 1. The delay in shipments from India could support global sugar prices, trading near multi-year highs. The Weather Phenomenon The Weather Phenomenon Until the first half of the following season, India is not considering allowing further Sugar Exports because the government is concerned the El Nino weather pattern could reduce rainfall and hurt production, government sources said on 12th June 2023. A senior Government official mentioned, “The weather is a negative factor. In the previous year, despite good monsoon rains, sugar production fell. This year, with El Nino, we can't take the risk of allowing exports early.” Later this year, extreme weather may be brought on by the El Nino weather pattern, which has been responsible for the majority of India's droughts over the previous seven decades.

2. Export Policy Decisions Export Policy Decisions Another Government official mentioned, “In any sugar season, it takes at least a few months to get a clear idea about production which is why we will wait until there's an absolutely clear picture about production.” “As far as exports are concerned, we will not be in any hurry at all.” The industry initially estimated this year's output at 36 million tonnes, which has since been reduced to 32.8 million tonnes, for the period from the beginning of the current sugar season to September 30, 2023. India permitted exports of 6.1 million tonnes for this season due to the lower output. As the quota is exhausted, India is currently not planning on exporting sugar above the quota. Further Sugar Exports Further Sugar Exports Even if India decides to permit exports later in the 2023–2024 season, New Delhi might only permit up to 4 million tonnes, according to the officials. Prior to some state elections in 2023 and a general election in the middle of 2024, the government is keen on keeping a lid on food prices. In 2021–2022, the nation's exports reached an all-time high of more than 11 million tonnes. According to a Mumbai-based dealer with a global trade house, the world needs more Indian sugar as soon as possible since prices are trading close to an 11-year high. The world needs more Indian sugar as early as possible since global prices are trading near 11 years high, said a Mumbai-based dealer with a global trade house. Brazilian sellers will be able to demand even higher prices as a result of the delay in Indian exports, according to a Mumbai-based dealer with a global trade house. “The delay in Indian exports will further lift prices, and will allow Brazilian sellers to demand even higher prices," said a Mumbai-based dealer with a global trade house. If you are a sugar importer wishing to Buy Sugar In Bulk or a sugar exporter willing to export bulk sugar, then Tradologie.com is the right platform for you. Tradologie is a global digital trade hub that facilitates bulk agro-commodities trade in a transparent manner. Through Tradologie’s AI-based platform, buyers and sellers can connect directly with each other in real-time, and negotiate prices to get the best deals, without the involvement of any middlemen. Hence, ensuring the best rates for both buyers and sellers on the platform, with an overall major reduction in the cost of trade by close to 10%. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.