Canada Global (Web News) According to a prominent trade organisation, India is anticipated to produce 32.8 million tonnes of sugar in the marketing year 2022-2023, which is 3.5% less than the previous estimate. This decrease is due to lower sugar cane yields in major producing states as a result of unpredictable weather patterns.
Reduced sugar production might restrict exports from the second-largest exporter in the world, pushing up worldwide prices and allowing rivals Brazil and Thailand to increase their shipments.There was sporadic rain.
According to ISMA President Aditya Jhunjhunwala, the sugar cane crop received too much rain when it wasn’t needed and insufficient rain during the growth phase.
After harvesting a record 35.8 million tonnes the season before, the trade association predicted in January that India will produce 34 million tonnes in the current season, which ends on September 30.
The ISMA forecasted 36.5 million tonnes of production at the start of the season in October 2022. In December, Reuters was the first to report on the probable decline in production.
According to him, weather reduced Maharashtra state’s production from 13.7 million tonnes a year before to 10.5 million tonnes.
Jhunjhunwala claimed that this decrease does not leave room for the country to increase its exports.
Only 6.1 million tonnes of sugar were allowed to leave India by mills during the 2022–2023 season, but Prime Minister Narendra Modi’s administration was anticipated to approve more shipments. In the prior 2021–2022 season, India exported a record 11.2 million tonnes of sugar.
The principal destinations for the nation’s sugar exports are United Arab Emirates, Indonesia, Bangladesh, Malaysia, Sudan, and Somalia.
In a month, the retail price of sugar increases by Rs20/kg.
