This time sugar: India shakes world market again

India introduces restrictions on sugar export to increase its availability in the domestic market and prevent price growth, writes The Economic Times.

According to information, the government ordered suppliers to receive permits for the sale of sugar abroad in the period from June 1 to October 31. This applies to the export of raw sugar, refined and white sugar, the notification of the main foreign trade department (DGFT) says. These restrictions will not be applied to sugar supplies to the United States and the European Union as part of the previously established quotas.

India introduced restrictions on sugar for the first time in six years. The country is the world’s largest manufacturer of this product and the second largest exporter after Brazil, so India steps will influence the cost of sugar around the world, experts say.

Earlier this month, India found the world by surprise when it limited the export of wheat, causing a jump in world prices for a strategic agricultural product.