India extends restrictions on sugar exports by a year
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India has extended restrictions on sugar exports until October 2023, reports Reuters with reference to a government notice. Initially, the measure was introduced by the authorities on June 1 and was to be valid until October 31.
By decision of the government, up to 10 million tons of sugar can be exported. This decision was made to “maintain the availability of sugar in the domestic market and a stable price for it,” TASS notes.
India is the largest sugar producer in the world. According to the local Ministry of Industry and Trade, during the 2021/22 marketing year (it ended in September), India harvested a record amount of sugar cane – more than 50 million tons. At the same time, sugar exports were reduced for the first time in six years. According to the UN, in August the sugar price index fell by 2.1%.
In May India banned wheat exports, citing a threat to the country’s food security. In July the country restricted export of flour and cereals from wheat. The authorities also considered restriction of rice exports.
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