Indian trade mills have contracted to export 4.3 million tonnes of sugar so far in the 2020-21 season ending on September 30, a trade body said on Wednesday as a four-year high in global prices and as an export subsidy Foreign sales are attractive.
Higher exports from the world’s second-largest sugar producer could lead to a rise in global prices, which has been dampened by lower production in Thailand, the world’s second-largest exporter.
Exports will help India reduce stockpiles and support sweetener local prices, helping millions of sugarcane farmers to get government-mandated prices.
“About 4.3 million tonnes of export contracts have already been signed,” the Indian Sugar Mills Association (ISMA) said in a statement.
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