- Indian Sugar Export Update :
- For the ongoing 2022-23 season, India’s sugar export is capped at 6.1 MMT. By Jan’23, the country had exported about 4.1MMT of sugar. The highest volume of 1.6MMT was exported in the month of Dec followed by 1.4MMT of sugar export in Jan’23.
- Cane harvesting and crushing in India are likely to finish earlier this year resulting in lower sugar production. Sugar mills are also starting to close their operation. In Feb’23 about 61 mills already closed. Mills are not receiving cane as per the crushing capacity of the mill. Therefore, the crushing operation is anticipated to end sooner this season.
- A target of diverting 4.5 MMT of sugar towards ethanol coupled with an anticipated decline in sugar output, makes additional export of sugar highly unlikely.