Raw Sugar

Additional shipments from India, the world's biggest exporter of sugar after Brazil, could weigh on raw sugar futures, which are trading near their lowest in four months.

The Centre has allowed an additional 2,051 metric tonnes of raw sugar to be exported to the US under the Tariff Rate Quota (TRQ) for the US fiscal year 2022.

India's production from October 1 to November 5 climbed to 425,000 metric tons, up 32 per cent from a year earlier, the National Federation of Cooperative Sugar Factories said.

Units are miffed at the move as there is a lot of idle capacity in the country; sugar industry, on the other hand, has welcomed the development

West zone takes 30%, while 10% is allocated to a single company in the east

The central government announced it was allowing import of 500,000 tonnes of raw sugar, at zero import duty till June 12, to maintain local prices at reasonable levels. At present, India levies an import duty of 40 per cent on sugar. The import will be allowed under a Tariff Rate Quota, whose terms will be decided by the Directorate General of Foreign Trade (DGFT). The latter will issue a public notice declaring the quota for each importer. The import shall be done with zonal quantity restrictions and will be open for only millers and refiners having own refining capacity. Applications for import must come online to DGFT from April 13 to 24. "Considering the quantity of sugar available as opening stocks and production in the current season, it is estimated that there is adequate quantity for domestic consumption," said Food Minister Ramvilas Paswan.The sugar industry seemed divided over the decision, with a section welcoming it on the ground that calibrated import will help check ...