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India has extended the restriction on the export of all varieties of sugar beyond October 31. The restriction does not apply to sugar being exported to the EU and the US under specific quotas. India, the second-largest sugar exporter, wants to ensure sufficient availability of sugar for domestic consumption. The country's sugar production is expected to fall by 3.3% in the 2023/24 season.
India introduced a quota system in 2022-23 and limited sugar exports to about 6 million tonne after late rains cut production
The latest extension of restriction is, however, not applicable to sugar being exported to the EU and the US, the notice further stated.
India is planning to restrict the export of organic sugar for the 2023-24 season due to record-high outward shipments. Currently, raw, white, and refined sugar are already on the restricted list until October 31, and the timeline is expected to be extended. The government is concerned about productivity and wants to add organic sugar to the restricted list. There have also been concerns about the impact of a weak monsoon on sugarcane crops.
The restrictions on shipments abroad are aimed at boosting domestic availability during 2023-24 and keeping prices stable during the ongoing festive season, when demand typically soars