In a statement by the Indian government on Wednesday She saidSeptember sales season limits sugar exports to 10 million tons, to control prices. Vendors were also asked to request a “special permit” from the authorities to export sugar from June 1 to October 31.
India is the world’s largest producer of sugar and the second largest exporter after Brazil.
According to Narendra Modi government, after the “unprecedented increase in exports” last year and this season, steps should be taken to maintain the sugar stocks in the country.
The move to curb exports comes at a time when Asia is the third largest economy The annual inflation rate was 7.8% in April, It is the highest level in nearly eight years. It’s also another sign of growing food protectionism around the world: major producers are restricting agricultural exports, which Adds to the already big show shockDue to the Russian invasion of Ukraine in February.
In the current marketing year, from October 2021 to September 2022, Indian sugar mills have so far contracted to export about 9 million tons – in the past 12 months, the country has shipped 7 million tons abroad, which It was the highest in recent years, according to government data.
White sugar futures on the London Stock Exchange rose to $556.5 per ton on Wednesday. Since the beginning of January, the listing has increased by 12 percentcompared to 26 percent a year ago.
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