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India, the world’s biggest sugar producer, is poised to break its own export record this year thanks to a flurry of overseas sales in the past few months, prompted by attractive global prices, trade and industry officials said on Tuesday.
Sugar mills have done deals to export 2 million tonnes in the new season that began on October 1, raising hopes that the country will sell at least 5 mt on the world market in the 2019-20 season, nearly a third higher than the previous year.
“Looking at the current trend, I can tell you with a lot of confidence that we’ll be able to export at least 5 mt this year,” said a New Delhi-based dealer from the Indian unit of a global trading firm.
At 5 mt, Indian exports would surpass their previous peak of 4.96 mt in 2007-08, according to trade and industry data.
This was spurred by a rally in international prices, a weak rupee and a clutch of government subsidies which made exports lucrative.
A sharp increase in exports from India could weigh on benchmark prices in New York and London and trim the market share of rivals Brazil, Thailand and Australia, the world’s top sugar suppliers.
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