India extended restrictions on sugar exports
India will maintain restrictions on sugar exports to ensure sufficient stocks for the domestic market and increase ethanol production.
The government aims to keep sugar prices at an acceptable level and increase the use of sugar cane for ethanol production, Bloomberg reports.
As a result, exports will not be allowed for now, which will negatively affect local producers, but will support world sugar prices, which are down 12% this year. Last season, which ended in September 2023, India limited sugar exports to 6 million tons due to low production, compared to exports of 11 million tons a year earlier. The government extended the restrictions until October before the national elections.
According to the data provided by the Sugar and Bioenergy Producers Association of India, it is expected that as of September 30, sugar stocks will be more than 9 million tons, which is sufficient for domestic consumption and exports. However, according to some reports, the stocks may be as low as 8.5 million tons.
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