Curbs on sugar exports extended in India till Oct 2023

India, the world's biggest sugar producer, has extended restrictions for sugar export by one year through October 2023, the government has said in a notification on Friday.

The south Asian country restricted exports through the end of this month in May to contain a rise in domestic prices following record exports, according to the news agency Reuters.

The government official added that India is expected to produce record sugar crop this year, which could allow New Delhi to allow exports of up to 8 million tonnes.

India's domestic sugar consumption is estimated at around 27.5 million tonnes and mills are expected to divert 4.5 million tonnes of sugar for ethanol production in the 2022-23 season.

Mills will also set aside at least 6 million tonnes of sugar as their annual carryover stocks.

Cashing in on attractive global prices traders have already signed deals to export 400,000 tonnes of raw sugar for the 2022/23 season.

India, which has been trying to rein in inflation from multi-year highs, recently banned wheat exports, curbed sugar exports and allowed duty-free imports of soyoil and sunflower oil.

In the current marketing year, India has capped sugar exports at 11.2 million tonnes, to hold down domestic prices after mills sold record volumes on the global market.

The sugar season normally starts from October to September, while the cane crushing season generally starts in October-November and continues till mid-April.