Indian sugar mills want to reach at least 3.2 million tonnes in terms of exporting but will be at 2 million tonnes in the current period
The Dollar Business Bureau
Fueled by a recent hike in global prices of sugar, Indian sugar mills based out of Maharashtra have inked high volume export deals this week, the first in nearly two months.
The deals are seen as a major shot in the arm for India’s beleaguered sugar exports sector that has of late, witnessed a not so promising performance vis a vis other world players.
What is worth noting is that export prices for sugar in world markets are already on a month high amid worries about reduced shipments from top supplier Brazil.
“India has taken a contract to export 7000 tonnes of white sugar to Myanmar worth $411 per tonne, free on board (FOB)”, one of the Indian dealer says.
The dealer also added, “Indian mills were not interested in sugar export earlier but now they approach us.”
India supplies white sugar to several Asian countries including China, Myanmar, Sri Lanka and Bangladesh. In recent times, India has been concentrating on white sugar exports to Myanmar as the demand is quite high there.
The Indian sugar industry is hopeful of reaching its target of at least 3.2 million tonnes in terms of sugar exports but going by the current figures, it will be at 2 million tonnes in the current period.
Indian sugar mills are concentrating on the export of white sugar to Myanmar due to a strong demand.
March 05, 2016 | 04:40pm IST