Sugar Exports Increased By Two And A Half Times
Sugar exports increased by two and a half times, ISMA released figures. The demand for Indian sugar is increasing continuously in the global market.
Due to this, the export of sugar has increased to two and a half times. In view of this, record sugar exports are estimated in the current sugar year (October 2021 – September 2022).
From last October to February this year, a total of 47 lakh tonnes of sugar has been exported and 6.5 million tonnes of sugar has been contracted.
In the corresponding period of last year, only 17.75 lakh tonnes of sugar could be exported. According to ISMA, this time the export figure can even cross 75 lakh tonnes.
A total of 28.3 million tonnes of sugar has been produced in the current crushing season till March 15, which is nine percent higher than the production of 25.90 million tonnes in the corresponding period last year.
The domestic consumption of sugar in the current season is expected to be 27.2 million tonnes. While the total production will be 33.33 million tonnes.
According to data from the Indian Sugar Mills Association (ISMA), the export demand has increased due to the short supply of sugar in the global market.
In fact, due to the international crisis, there has been a huge increase in the price of petroleum products, due to which the production of ethanol, an alternative fuel from sugarcane, has been increased in sugarcane-producing countries.
Domestic sugar mills have sufficient stocks of sugar, which they want to clear by increasing exports. A total of 5.5 million tonnes of sugar is expected to be exported by the end of March.
Ethanol producing companies have supplied 113.17 crore liters of ethanol till March 13, 2022. Of this, 86 percent of the total ethanol produced is directly from sugarcane juice.
According to ISMA, from last December to the middle of March, 9.45 percent ethanol has been mixed in petrol.
The interest rate has become expensive in America but will not affect India
The US central bank, the Federal Reserve, has clearly indicated that the situation arising out of inflation around the world could be worse than expected.
To deal with the situation, Federal Bank has not only increased the interest rate (0.25 percent) for the first time since the year 2018 but has also announced to increase the interest rates six times this year.
However, according to experts, the RBI will refrain from raising interest rates directly in the next month’s monetary policy review.
