India has contracted to export 56 lakh tonne sugar so far in the ongoing 2020-21 marketing season, and is expected to conclude deals for shipment of the rest 4,00,000 tonne soon, says trade body AISTA
India has contracted to export 56 lakh tonne sugar so far in the ongoing 2020-21 marketing season, and is expected to conclude deals for shipment of the rest 4,00,000 tonne soon, trade body AISTA said on Tuesday.
The government has fixed a mandatory export target of 60 lakh tonne surplus sugar for ongoing the 2020-21 season (October-September). This export policy was, however, approved only in January.
During the 2019-20 season, India — the world’s second largest sugar producing nation after Brazil — had shipped 59 lakh tonne of the sweetener.
Releasing latest data, All India Sugar Trade Association (AISTA) said out of 56 lakh tonne export contracts undertaken, 34.78 lakh tonne of the sweetener has been already shipped to top 12 countries till May 6 of this season.
About 35 per cent of the total export quantity has been shipped to Indonesia (12.17 lakh tonne) so far this season, followed by Afghanistan (4.33 lakh tonne) and the UAE (3.66 lakh tonne) in the said period.
AISTA said about 4.54 lakh tonne sugar is in transit and delivery to port-based refineries, while another 4.43 lakh tonne of sugar is under loading.
In total, 43.76 lakh tonne of sugar has been dispatched from sugar mills for export purpose, it added.
The trade body, however, expressed concern over high freight rates although the containers availability has improved.
India is left with export of 4 lakh tonne sugar under the government’s export policy, for which traders are expected to conclude contracts soon, it said.
Global prices of sugar have jumped substantially due to reports of dry weather in Brazil and lower production in the month of April this year, it added.
AISTA has pegged output to be higher at 29.9 million tonne in the current 2020-21 marketing season (Oct-Sept), against 27.40 million tonne in the last season.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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