India on Saturday approved the 2022/23 export of 6 million tonnes of sugar, in line with market expectations for the year's first tranche.
India exported an all-time high of more than 11 million tonnes of sugar in 2021/22 and the industry was expecting New Delhi this year to allow exports of 8 to 9 million tonnes in two tranches.New Delhi has allocated 6 million tonnes of sugar to mills based on their production in the past three years, the government said in a notification.
The notification issued on Saturday did not specify whether the government would allow a second tranche, but trade and government sources said it likely would as the country'sIndia is expected to produce around 36.5 million tonnes of sugar in the season that began on Oct. 1, a leading industry body said last month.
Mills need to export the allocated quota either themselves or through merchant exporters or refineries before May 31, 2023, the notification said. "Indian sugar is going to many Asian, African and Middle Eastern countries," said Praful Vithalani, president of the All India Sugar Trade Association.
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