India's sugar exports to drop more than 24% in 2020-21 - trade body

By Mayank Bhardwaj NEW DELHI (Reuters) - India's sugar exports are likely to drop more than 24% in the current year to September due to logistical constraints such as a shortage of containers and congestion at the country's ports, a leading trade body said on Thursday. India, the world's second biggest sugar producer after Brazil, is likely to sell 4.3 million tonnes of the sweetener on the world market in the 2020-21 season against 5.7 million tonnes shipped in the previous year, said R.P. Bhagria, chief executive of the All India Sugar Trade Association (AISTA)

Reuters February 12, 2021 00:08:10 IST
India's sugar exports to drop more than 24% in 2020-21 - trade body

Indias sugar exports to drop more than 24 in 202021  trade body

By Mayank Bhardwaj

NEW DELHI (Reuters) - India's sugar exports are likely to drop more than 24% in the current year to September due to logistical constraints such as a shortage of containers and congestion at the country's ports, a leading trade body said on Thursday.

India, the world's second biggest sugar producer after Brazil, is likely to sell 4.3 million tonnes of the sweetener on the world market in the 2020-21 season against 5.7 million tonnes shipped in the previous year, said R.P. Bhagria, chief executive of the All India Sugar Trade Association (AISTA).

Also, sugar shipments to Iran, a key buyer of India's sweetener, look likely to drop this year, Bhagria said.

In the 2019/20 season, Iran imported a record 1.14 million tonnes of sugar from India, accounting for some 20% of the country's sugar exports, according to Indian customs data.

Late last year, Reuters reported that India's sugar exports to Iran are expected to be significantly lower in the 2020-21 season due to a shortage of Indian rupees.

Under U.S. sanctions, Tehran is unable to use U.S. dollars to transact oil sales.

Iran previously had a deal to sell its oil to India in exchange for rupees, which it used to import critical goods, including sugar, but New Delhi stopped buying Tehran's oil in May 2019 after its U.S. sanctions waiver expired.

Tehran continued using rupees to import critical goods from India, and after 19 months of no oil sales, the Islamic Republic's rupee reserves are depleted.

Mills in India, the world's biggest consumer of the sugar, are expected to churn out 29.9 million tonnes of the sweetener in the 2020-21 season, up from 27.40 million tonnes produced in the previous season.

Output in top sugar producing states Uttar Pradesh and Maharashtra is expected at 10.5 and 10.2 million tonnes respectively, Bhagria said.

(Reporting by Mayank Bhardwaj; editing by David Evans)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.