India, the world’s second largest sugar producer, can export 6 million tonne of the sweetener in the 2021-22 season commencing next month, taking advantage of the firm global market, industry body ISMA said on Thursday.
The country exported about 6.67 million tonne of sugar in the first 11 months of the 2020-21 season (October-September), higher than the 5.57 million tonne shipment made in the year-ago period.
Total sugar exports in the current season could surpass 7 million tonne, it said.
Currently, global prices are ruling a more than four-year high at round 20 cents per pound due to likely sugar deficit in the world market in the next season on expected fall in production in Brazil, it added.
“This would mean that Indian sugar mills have a good opportunity to export their surplus sugar in the next couple of months up to January 2022, and thereafter till April 2022 before Brazilian sugar comes into the market,” Indian Sugar Mills Association (ISMA) said in a statement. Many sugar mills have signed forward contracts for export in the upcoming season, it said.