Government imposes restrictions on sugar exports from June 1

The government on Tuesday imposed restrictions on sugar exports from June 1 a move aimed at increasing availability of the commodity in the domestic market and curbing price riseExport of sugar raw refined and white sugar is placed under restricted category from June 1 2022 onwards the Directorate General of Foreign Trade DGFT said in a notificationHowever it said that these restrictions would not be applicable on sugar being exported to the EU and the US under CXL and TRQ A specified amount of sugar is exported to these regions under CLX and TRQ In a statement the government said that with a view to maintaining domestic availability and price stability of sugar in the country during sugar season 202122 OctoberSeptember it has been decided to regulate the sugar exports with effect from June 1 The government has decided to allow export of sugar up to 100 LMT lakh metric tonnes with a view to maintain the domestic availability and price stability during the sugar season 202122 OctoberSeptember it saidAs per the order issued by DGFT with effect from 1st June 2022 till 31st October 2022 or till further order whichever is earlier the export of the sugar will be allowed with specific permission of the Directorate of Sugar Department of Food and Public Distribution it said The latest decision also comes against the backdrop of record exports of sugar In sugar seasons 201718 201819 and 201920 only about 62 LMT 38 LMT and 5960 LMT of sugar was exported the statement said However in the sugar season 202021 against a target of 60 LMT about 70 LMT have been exported In the current sugar season 202122 contracts for export of about 90 LMT have been signed about 82 LMT sugar has been dispatched from sugar mills for export and about 78 LMT have been exported Export of sugar in the current sugar season 202122 is the historically highest the statement saidThe decision will ensure that the closing stock of sugar at the end of sugar season 30th Sept 2022 remains 6065 LMT which is 23 months stocks monthly requirement is around 24 LMT in those months required for domestic use it said adding that crushing in new season starts in last week of October in Karnataka in the last week of October to November in Maharashtra and in November in Uttar Pradesh So generally up to November supply of sugar takes place from previous year stock the government said Taking into consideration unprecedented growth in exports of sugar and the need to maintain sufficient stock of sugar in the country as well as to safeguard interests of the common citizens of the country by keeping prices of sugar under check Government of India has decided to regulate sugar exports it saidSugar mills and exporters need to take approvals in the form of Export Release Orders EROs from the Directorate of Sugar Department of Food and Public Distribution The government has been continuously monitoring the situation in the sugar sector including sugar production consumption export as well as price trends in wholesale and retail markets all over the country India has been the highest producer and the second largest exporter of sugar in the world in the current year As a result of regular efforts of the government 995 per cent of cane dues for last sugar season 202021 have been paid and about 85 per cent of cane dues of current sugar season 202122 have also been released to farmers Wholesale prices of sugar in India are range bound between Rs 31503500 per quintal while retail prices are also within control in the range of Rs 3644 per kilogram in different parts of the country the statement saidThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever