Search Result for : Sugar Exports

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 ...

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 ...

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 ...

The Dollar Business Bureau In order to prevent hoarding of sugar and to check the prices during the upcoming festive season, the Government on Tuesday imposed limit on stock holding on sugar producers for September and October. “In exercise of the powers conferred by section 3 of the Essential Commodities Act, 1955 (10 of 1955) read with the clause 5 of the Sugar (Control) Order, 1966, the Central Government hereby directs that no producer of sugar shall hold any stock of sugar in excess of quantities,” said Ministry of Consumer Affairs, Food & Public Distribution said in a notification. By the end of September, sugar mills will not be permitted to stock more than 21% of the total sugar available with them during ...

The Dollar Business Bureau The US Department of Agriculture (USDA) had announced a non-country specific tariff rate quota (TRQ) for exporters of refined sugar from World Trade Organization (WTO) countries. Refined sugar of 1,82,000 metric tons raw value (MTRV) has been allocated for the US fiscal year of 2018, which begins on Oct 1, 2017 till September 30, 2018. Of the 182000 MTRV of sugar, 22000 MTRV of sugar (which also includes 1656 MTRV of specialty sugar) and an additional 160000, TRV for specialty sugars. Imports of organic and other specialty sugars are administered on a first-come-first serve basis in 5 tranches, as detailed below in the USTR report. On October 2, 2017, under the first tranche, 1656 MTRV of all types of specialty sugar ...

Abin Daya Sugar is becoming not so sweet for retail consumers, with prices rising fast in the domestic market. CPI inflation on sugar has remained in double digits for 10 months in a row now. The expectation for Feb 2016 is also not any different. In the global scene, while the prices may have dropped marginally during the recent months, they still remain high compared to the previous year levels. However, the recently published Trade Policy Agenda of the US Administration for 2017 hints at changes that might lead to concerns for India. The US is India’s largest export market at $40 bn worth of exports per year. Any event which changes Indo-US trade dynamics and affects this number will have a significant ...

The Dollar Business Bureau The DGFT in its notification no., 52/2015-2020 issued on Dec 30, 2016, has increased the quantity of sugar to 8424 metric tonnes, under Tarriff Rate Quota being exported to the US. According to the new notification shipments can enjoy further low tariff than provided to them in June. “The Director General of Foreign Trade hereby allocates a quantity of 8424 MTs (Eight thousand four hundred and twenty four metric tons) of raw sugar (at 98 degree pol), out of nonlevy (Free Sale) quota for export under Tariff Rate Quota (TRQ) to USA for the US fiscal year 2017 (October 1, 2016 to September 30, 2017)”, the DGFT says in the notification. It is known that TRQ is a quota fixed by ...

The Dollar Business Bureau The government on Thursday levied a customs duty of 20% on the exports of sugar to boost local supply and control domestic prices which are at a high of Rs.40 per kg. The decision comes at a time when food prices have increased sharply on food items such as tomato, pulses and wheat. "To keep a tab on the domestic sugar prices, the government has taken a decision to impose customs duty of 20% on the exports of raw sugar, refined or white sugar," according to a release by the Finance Ministry. The Central Board of Excise and Customs (CBEC) released the same in a notification. Due to a sharp increase in global prices, customs duty has been imposed to curb ...