India, the world’s largest sugar producer, restricts exports


India in a statement on Wednesday The government said it would limit sugar exports to 10 million tonnes during the marketing season. It will continue through September to keep prices down. the seller also From June 1st to October 31st, we were asked to seek a “specific permit” from the authorities for sugar exports.

India is the world’s largest sugar producer second largest exporter behind Brazil. Narendra Modi’s government says steps must be taken to maintain sugar stocks after “unprecedented growth in exports” last year and this season.
The move to limit exports came at a time when annual retail inflation in Asia’s third-largest economy took a hit. 7.8%, April is the highest level in nearly eight years. Another sign of growing global food protectionism as major producers curb agricultural exports and aggravate the supply shock triggered by the Russian invasion of Ukraine in February. Ukraine and Russia account for about 30% of total wheat exports.
India has offered to help solve the global food crisis.  backtracking reason

In the current sales year, which runs from October 2021 to September 2022, Indian sugar mills have so far signed export contracts of around 9 million tonnes. According to government data, in the past 12 months, China exported 7 million tons of sweeteners abroad, the largest amount in recent years.

White Sugar futures traded 1% higher at $556.50. per metric ton Wednesday in London. It has risen 13% since early January and is up about 26% from this time last year.

Last month, the World Bank said Russia’s invasion of Ukraine would have a historic shock to commodity markets, keeping world prices high through the end of 2024. Food prices are expected to surge 22.9% this year, driven by a 40% rise in wheat prices, he added.
Earlier this week, Malaysia decided to limit chicken exports to neighboring countries, saying “the government’s priority is our people”. And just days ago, India banned wheat exports as life-threatening heatwaves reduced production and local prices hit all-time highs. Although the country is the world’s second-largest wheat producer after China, it is not a major exporter.
“Our export controls must not affect global markets,” Indian Commerce Minister Piyush Goyal said at the World Economic Forum in Davos on Tuesday.

“We continue to allow exports to vulnerable countries and neighboring countries,” he added.

Despite this reassurance, India’s restrictions underscore the vulnerability of the global food situation. Global buyers hoped that Indian wheat shipments would help fill the gap caused by the European war, which has hit important agricultural exports.

but there was We have some good news last week. Indonesia announced that it would lift the ban on palm oil exports, which took effect in April. Southeast Asian countries are the world’s leading producers of products, widely used in cooking oil and many food items.

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