Govt allows export of 2 MT sugar till Sept 2018 to clear surplus
The Dollar Business Bureau In a bid to further ease the sugar exports and to clear surplus stocks, the Government on Wednesday allowed export of 2 million tonnes of the sweetener till the end of the current marketing year (October to September). Earlier, the Government has scrapped the 20% export duty and doubled the duty on sugar imports to 100%. Besides, the Government has permitted the exports of white sugar until September this year under the scheme of Duty Free Import Authorisation (DFIA), in which exporters can import sugar duty-free within the next three years, till September 2021. Sugar mills in the country have to pay Rs.13,899 crore to sugarcane farmers as on March 21, 2018, as per the official data. Sugar mill are allowed ...
Govt scraps 20% export duty on sugar
The Dollar Business Bureau The Government has removed the duty on sugar export in order to improve international sales of the sweetener and lift its local prices as the country is facing excess production of the commodity. Currently, there is an export duty of 20% on raw sugar, white or refined. “In order to promote exports with the objective of evacuating surplus stocks from the country, the Government has decided to remove customs duty on export of sugar from its current level of 20% to zero percent,” Ministry of Consumer affairs, Food and Public Distribution said in a statement. “This will also help in maintaining demand and supply balance and thereby stabilising the domestic sugar prices in the country,” it added. The impact of the ...
Sugar industry asks for lower duty on sugar in Sri Lanka, Bangladesh
The Dollar Business Bureau As India’s sugar output is estimated to be at record level in the 2018-19 marketing year, expected to result in a surplus, industry body Indian Sugar Mills Association (ISMA) on Thursday requested the Government to seek preferential import duty structure from Sri Lanka and Bangladesh. “India’s sugar production may exceed in 2018-19 marketing year than 251 lakh tonnes estimated for the current year. So we may have surplus sugar for exports in 2018-19,” said Abinash Verma, Director General, ISMA, while speaking at the industry body’s 83rd annual general meeting. Bangladesh and Sri Lanka, the two major sugar importers, levy high import duty at $150 per tonne and $100 per tonne on sugar, respectively. The two Asian neighbours procure around ...
South India's sugar production hit by drought
The Dollar Business Bureau Even though sugar demand is expected to decline by 3%-4%, prices are likely to firm up due to record low production estimates in the current year. A prolonged drought in the sugar producing regions of Maharashtra, Karnataka and Tamil Nadu; the second, third and fourth largest sugar producing states of India respectively; has caused productivity to take a serious hit. Indian Sugar Mills Association (ISMA) estimates a 40% - 50% decline in the yield from sugarcane fields during the season ending September 2017. The state of Maharashtra, which had produced 84.2 lakh tonnes of sugar in the previous season, is estimated to contribute merely 42 lakh tonnes to the nation's sugar output in the current season. This is deemed to be the lowest recorded output for the ...
Indias sugar output fell 10% in the last 4 months
The Dollar Business Bureau India’s sugar output declined by 10% to 128.55 lakh tonnes in the first four months of the 2016-17 marketing year that began from October 2016, due to lower sugarcane production in Maharashtra on account of drought. The marketing year of sugar is generally between October to September. For the 2016-17 season, Indian Sugar Mills Association (ISMA) has revised its sugar production estimates to 21.3 million tonnes down, from its previous estimates of 23.4 million tonnes. The Association has also lowered the estimates for sugar consumption to 24.2 million tonnes for the current year after taking into account the news of slow sugar sales. “As on January 31, sugar mills in India have recorded a production of 128.55 lakh tonnes, against ...
Indias sugar output fell by 8%
The Dollar Business Bureau Sugar output in India has declined to 8% till April 15 for the current marketing year ending September. The India Sugar Mill Association (ISMA) said that sugar output fell to 24.34 million tonnes, while the export of the same was at 1.35 million tonnes. Last year the total sugar production for the same period through mills was 26.46 million tonnes. ISMA in a statement said that, sugarcane dues that the mills have to pay to the farmers also saw a decrease from Rs.21,800 crore during last year to Rs. 13,300 crore for the current year. The country’s leading sugar producing state, Maharashtra saw a fall in the production from 9.96 million tonnes last year to 8.36 million tonnes of sugar ...
Sugar export from India increases, though the production is expected to fall
The Dollar Business Bureau India’s sugar exports have increased even though the production of the same has seen a considerable low. The second largest producer of sugar in the world is likely to see an increase of more than 80% at 20 lakhs tonnes in the year 2015-16. However, the production of sugar in the marketing year is expected to see a decrease of 9%. The increase in sugar exports and the toughening of international prices for sugar would help sugarcane mill owners to settle their sugarcane arrears. The exports contracts received by the mills is for 14 lakhs tonnes since October. However, there are chances of shipping another five to six lakh tonnes by the end of September. The Indian ...
India exports 14,172 tonnes sugar to US and EU till July
The Dollar Business Bureau Indian sugar firms, under the preferential quota, exported 6,101 tonnes to the European Union and 8,071 tonnes to the United States of America (USA) till July, said Commerce and Industry Minister Nirmala Sitharaman. According to the Minister, companies that exported sugar under preferential quota during the sugar season 2014-15, included Pure Diets India, Suminter India Organics, Shree Renuka Sugars Ltd, among others. The Minister said that the government had amended the policy of export on preferential quota sugar to the EU and the US, under which, exports are permitted on low tariffs and post the quota limit, a higher tariff is applied on additional exports. The government’s decision to amend policy of export of preferential quota sugar was taken on account of liberalization of ...
