No Result
View All Result
INDUSTRY INSIDER
About Us
  • Industry
  • Business
  • Tech
  • Bangladesh
  • World
  • Feature
  • R&D
  • Opinion
  • Magazine
  • More
Wednesday, May 21, 2025
  • Industry
  • Business
  • Tech
  • Bangladesh
  • World
  • Feature
  • R&D
  • Opinion
  • Magazine
  • More
No Result
View All Result
INDUSTRY INSIDER
No Result
View All Result
Home Industry

India might prohibit sugar exports for the first time in 7 years

India sugar

India is set to impose a ban on sugar exports for the upcoming season beginning in October.

by Insider Desk
August 24, 2023

India intends to suspend sugar exports for the first time in 7 years starting in October due to poor cane yields from insufficient rainfall, as per government sources.

This move could trigger a surge in New York and London benchmark prices, which are already hovering at multi-year peaks. 

This development has raised apprehensions about a potential spike in global food market inflation.

In the current season, India permitted the export of only 6.1 million tonnes of sugar, a substantial reduction from the record 11.1 million tonnes allowed in the previous season. In 2016, the nation introduced a 20% tax on sugar exports to curb foreign sales.

Monsoon rains in major cane-growing regions, Maharashtra and Karnataka, have plummeted by up to 50% compared to the yearly average. 

These areas contribute over half of India’s total sugar output. Consequently, sugar production is anticipated to decrease in the 2023/24 season and during the following planting season.

The recent surge in local sugar prices, reaching a nearly two-year high, prompted the government to authorize an additional sale of 200,000 tonnes in August. 

Retail inflation in India surged to a 15-month high of 7.44% in July, with food inflation soaring to 11.5% – the highest in over three years.

India’s sugar production is projected to drop by 3.3% to 31.7 million tonnes in the upcoming 2023/24 season. 

Beyond sugar, India’s recent ban on non-basmati white rice exports and the imposition of a 40% duty on onion exports indicate efforts to stabilize food prices ahead of forthcoming state elections. 

Analysts warn that the expected lower output in Thailand and the inability of Brazil, a major producer, to bridge the gap completely could exacerbate global supply concerns.

Tags: FeaturedIndiaSugar
Previous Post

Indian spacecraft ‘Chandrayan-3’ successfully lands on the Moon

Next Post

Shikho’s founder selected for Bloomberg’s class of 2023

Related Posts

Behind dairy’s unrealized potential 

by Md Asaduz Zaman
| May 19, 2025

Why Bangladesh needs stricter pharmaceutical regulations

by Sharmin Jahan Juha
| May 11, 2025

Rethinking hi-tech park strategies, focusing on FDI is key

by Shafiqul Islam
| March 23, 2025

Road to data-driven industry: Establishing operational data flow

by Giasuddin M Tauseef
| April 8, 2025

Mapping out Bangladesh’s path to global semiconductor competitiveness

by AKM Uday Hasan Bhuiyan
| February 6, 2025

Local processed foods’ path to global food shelves

by Mashfiq Mizan
| January 16, 2025

Next Post
Shikho Bloomberg

Shikho’s founder selected for Bloomberg’s class of 2023

You May Also Like


Govt’s net domestic borrowing reaches Tk 361.76B in July-February FY2024
News

Revenue strike deepens fiscal strain, economists warn

by Insider Desk
May 21, 2025
0

Bangladesh's fiscal health is under mounting pressure as a pen-down strike by National Board of Revenue (NBR) officials intensifies an...

Read more
BB governor reaffirms banking sector reform, clarifies frozen accounts

Bangladesh to channel seized oligarch assets into sovereign funds

May 21, 2025
Budget deficit widens to Tk 230B amid surging spending

Budget deficit soars 73%

May 21, 2025
NBR bank

Deadlock persists as talks fail to end revenue officials’ strike

May 21, 2025
Microsoft unveils AI-powered ‘discovery’ platform

Microsoft unveils AI-powered ‘discovery’ platform

May 21, 2025
Home
Industry
Business
Tech
Bangladesh
World
Feature
R&D
Videos
Magazine
About Us Subscribe
Terms & Conditions
Privacy Policy
Refund Policy
Cancellation Policy
Industry Insider is published by Tareq Ahmed Robin, Sayem Sharif, Md Mahfuz Ul Islam and Mohammad Saiful Islam. It is a quarterly magazine, comes from House B-114, Level – 03, Road – 07, DOHS, Mohakhali, Dhaka – 1206
Reach Out: [email protected]
© 2023 – All rights reserved with Industry Insider | Developed By YSI Bangla Limited  Follow us on our socials:
© 2023 – All rights reserved with Industry Insider | Developed By   Follow us on our socials:

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • All News
  • Industry
  • Business
  • Tech
  • Bangladesh
  • World
  • Feature
  • R&D
  • Opinion
  • More
  • About Us
  • E-Magazine
  • Videos
  • Subscribe