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Trade Trends News
21-01-2025
According to government and industry sources, India will allow the export of 1 million tons of sugar this season to help sugar mills offload the country's surplus stocks and support local sugar prices. India is the world's second-largest sugar producer.
The decision to allow sugar mills to sell 1 million tons of sugar on the international market could put further downward pressure on global sugar prices.
An anonymous source indicated that the government is expected to issue an official order soon allowing the export of 1 million tons of sugar, as they are not authorized to speak to the media.
In recent weeks, there had been speculation that India would make this decision, but it caught some traders by surprise, as it was expected that this year's production would be lower than consumption for the first time in eight years.
Maharashtra, Karnataka, and Uttar Pradesh, which together account for over 80% of India's total sugar production, have seen a decline in sugarcane output, prompting trade companies to revise down their production expectations for the 2024-25 season.
According to major trading companies, production may drop from last year's 32 million tons to around 27 million tons, which would be below the annual consumption level of more than 29 million tons.
India's sugar export markets include Indonesia, Bangladesh, and the United Arab Emirates. Over the five-year period ending in 2022-23, India was the world's second-largest sugar exporter, with an average annual sugar export volume of 6.8 million tons.
India did not allow sugar exports in the 2023-24 marketing year.
The Indian Sugar Mills Association (ISMA), a producers' organization, stated that allowing the export of 1 million tons of sugar would help alleviate the difficulties caused by weak local sugar prices.
Indian sugar prices have been hovering at their lowest levels in a year and a half.
Deepak Barhani, the Director-General of the Indian Sugar Mills Association, said, "The production next year could be quite strong, so allowing limited exports of 1 million tons is good news for the sugar industry."
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