India allows 1.0m tonnes of sugar exports to support local prices
Tuesday, 21 January 2025
NEW DELHI/MUMBAI, Jan 20 (Reuters): India on Monday allowed exports of 1 million metric tons of sugar during the current season to September 2025 to help mills of the world's second biggest producer export surplus stocks and help prop up local prices.
The decision could put further downward pressure on global prices , , which fell more than 1 per cent on Monday.
The government has approved an export quota to strengthen the sugar sector by providing price stability and supporting 50 million cane growers, the Food Minister Pralhad Joshi said.
Reuters reported on Sunday that New Delhi was set to allow the exports to support local sugar prices that had come under pressure in recent months.
The Food Ministry has allocated mills a uniform export quota of 3.174 per cent of their three-year average production, which they can export directly or via merchant exporters.