Declining international prices will affect India's sugar exports

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MUMBAI: A fall in international sugar prices by about ડો 60 a tonne is likely to affect India's sugar exports. The last two months have seen the first decline in international prices.

Refined sugar prices in the international market, which were quoted at ૪૬૭ 4 per tonne a fortnight ago, have come down to around ૪૨૩ 4 this weekend.

Drought conditions in Brazil were previously expected to reduce sugar production. Sugar prices have risen in the recent past in view of the impact on production in Brazil and the expectation of increased demand for ethanol internationally.

In Brazil, the sugarcane crop was initially expected to be damaged, but the rains in the early weeks of June saved the crop, local sources said.

The government of India had recently announced a reduction in the subsidy on sugar exports. The government has recently reduced the export subsidy from Rs 2,000 per tonne to Rs 2,000. However, sugar exports from the country were expected to be encouraging. At the end of the current sugar season, which started in October 2020, a total of 4 lakh tonnes of sugar was expected to be exported.

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