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India's sugar exports at record 8.6 Million tonne till May this year: ISMA

According to the latest figures issued by industry group ISMA on Wednesday, sugar exports from India , reached a new high of 8.6 million tonne in May of the current marketing year.

June 08, 2022 / 04:57 PM IST
(Representative Image)

(Representative Image)

Sugar exports from India, the world's largest producer and second biggest exporter of the sweetener, touched a record 8.6 million tonne till May of the ongoing 2021-22 marketing year ending September, said the latest data released by industry body ISMA on Wednesday. The country had exported total 7 million tonne of sugar in the 2020-21 marketing year, while domestic production stood at 31.19 million tonne in the same period.

Last month, the government capped sugar exports at 10 million tonne to ensure enough domestic supply and check retail prices during festival season in October-November. However, cooperatives have demanded raising the export cap by 1 million tonne. According to Indian Sugar Mills Association (ISMA), it is reported that around 9.4-9.5 million tonne of export contracts have already been entered into so far. Out of that, about 8.6 million tonne is reported to have been physically exported till end of May 2022.

About 16 million tonne of sugar is estimated to have been sold in the domestic market during the October-April period of the current marketing year, higher by 7,50,000 tonne from 15.26 million tonne in the year-ago period. Further, domestic sugar sales quota released by the government up to June is higher by 5,50,000 tonne as against corresponding period last year.

Considering this, ISMA estimates domestic sugar consumption in the current marketing year to be at 27.5 million tonne, as against 26.55 million tonne in the previous year. According to ISMA, domestic sugar production has reached 35.23 million tonne till June 6 of the ongoing marketing year, as against 30.74 million tonne in the year-ago period.