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 ...
Sugar import permit unlikely to ease prices: ICRA
The Dollar Business Bureau ICRA, in its new report, predicts that the limited duty-free import of sugar allowed by the Government of India will not help ease sugar prices, which have been rising owing to a 19% cut in output this year. The sugar output in the current year is forecasted at 20.3 million tonnes (mt) while the annual domestic sugar demand is pegged at 24 mt. The government expects a comfortable supply of sugar in the country after adding last year's closing stock of 7.7 mt and an additional import permit of 0.5 mt. Nevertheless, the report released by ICRA says that the sugar prices will stay firm as the closing stock will drop to 4.5 mt – 5 mt this year, which is only sufficient to meet demand for two months into the ...
Amid export slump, sugar production up 6.5% till December
Since there is no parity on exports of raw sugar due to high cost of sugarcane in India and depressed global prices, the Indian exporters see a little benefit in exporting raw sugar to overseas markets The Dollar Business Bureau Indian sugar mills have received exports orders of about 0.8 million tonnes and have dispatched around 0.3 million tonnes so far Indias sugar production grew by 6.5% to 7.98 million tonnes during the first three months of 2015-16 season beginning October compared to the last season, adding to the already piled up stock of the sweetener amid export slump. Sugar output during October-December period in 2014-15 was 7.49 lakh tonnes. Among the sugar producing states, Maharashtra topped the list with 3.37 lakh tonnes, followed ...
