10:42 - 2.05.2023
May 2, Fineko/abc.az. The Indian government plans to ban sugar exports because of its production decrease and to prevent inflationary pressure before the parliamentary elections next year, TV channel Wion reports, citing an Indian government source.
"Currently, there is enough sugar to meet the expected domestic consumer demand of 27.5 million tons, but before the state elections this year and the elections to the Lok Sabha (lower house of the Indian parliament) next year, the government does not want to take risks. A group of ministers recommended that factories stop sending sugar abroad with "immediate effect," the TV channel says.
According to Consumer Affairs Department’s statistics, the average retail price of sugar across India on Friday was 42.24 rupees per kg, which was slightly higher than a year earlier, when it was 41.31 rupees. The country is expected to produce 32.7 million tons of sugar in the 2022-23 agricultural year (Oct-Sept), compared with 35.9 million tons produced in the previous agricultural year.
According to official data, despite the fact that most of the sugar has already been shipped in accordance with the fixed quota established for the current year, almost 200,000 tons of sugar have not yet been exported.
According to sugar export statistics, a maximum of 631,000 tons of sugar were sold from India to Bangladesh this year. Djibouti, Iraq, Somalia, Sudan, Indonesia, Sri Lanka, the UAE, China, Saudi Arabia, Libya, Afghanistan, Cameroon and Jordan are several other important importers.
