India’s sugar exports during October-December period jumped nearly four-fold to 17 lakh tonnes on higher demand from overseas, according to industry body ISMA.
So far, 38-40 lakh tonnes have been contracted by mills for exports. Mills are now waiting for global prices to improve for further contracts.
Sugar marketing year runs from October to September.
“As per market reports and port information, about 17 lakh tonnes of sugar have been physically exported during the period October to December’ 2021,” ISMA said in a statement.
During the same period in the previous year, about 4.5 lakh tonnes of sugar were exported.
Further, ISMA said it is reported that about 7 lakh tonnes of sugar is in pipeline for export this month.
“Amid news of expectedly better upcoming season 2022-23 (April March) in CS Brazil, the global price of raw sugar has fallen further and is currently reeling at an over 5-month low at around 18 cents/pound,” ISMA said.
According to the association, Indian mills are waiting for the opportune time and are in no hurry to enter into further export contracts, beyond 3840 lakh tonnes already been signed so far.
The Indian Sugar Mills Association (ISMA) said that the country has produced 151.41 lakh tonnes of sweetener between October 1, 2021 and January 15, 2022 period of the ongoing 2021-22 marketing year, as against 142.78 lakh tonnes in the corresponding period of the previous marketing year.
In Maharashtra, sugar mills have produced 58.84 lakh tonnes till January 15, 2022, as against 51.55 lakh tonnes in the same period of the previous marketing year, ISMA said in a statement.
Sugar production in Uttar Pradesh fell to 40.17 lakh tonnes till January 15, from 42.99 lakh tonnes in the year-ago period.
In Karnataka, production has increased to 33.20 lakh tonnes of sugar as on January 15, 2022, as compared to 29.80 lakh tonnes in the corresponding period of the previous marketing year.