As per ISMA, India’s export of sugar, likely to increase by 2-4 million tonnes this season.

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 The Indian Sugar Mill Association (ISMA) on Wednesday, said the sugar export done by India is likely to increase by 2-4 million tonnes. This will bring the total export of sugar to around 8-10 million tonnes, which is lower than last year.

It has to be noted that India is the biggest producer of sugar in the world, and stands just next to Brazil, in terms of export of sugar made.

Export made in the previous year

India exported over 11 million tonnes of sugar, in the month of October to September season, in the year 2021-2022.

Earlier, this month, the government approved the first niche of export for the year 2022-23, at 6 million tonnes which helped cap the recent upward pressure on the benchmark sugar prices.

The president of ISMA

Aditya Jhunjhunwala, the president of the ISMA, said in the International Sugar Organization seminar, conducted in London, “Definitely there will be a second tranche … between 2-4 million tonnes, depending on production”. The country would likely produce 36 million tonnes of sugar, and 5 million tonnes of ethanol, in the coming time, he added.

Aditya Jhunjhunwala also said that Indian consumption is around 27-27.5 million tonnes, which leaves 8.5-9 million tonnes for export. He informed that adding more mills has been approved in contracts in order to export 4 million tonnes of sugar.

 Sugar exports by India

India is a major exporter of sugar to many countries in Asia, Africa, and the Middle East. Indian sugar has always been in great demand from countries like Bangladesh, Indonesia, Iran, and the United Arab Emirates. Russia is also one of the major markets of our country , where sugar is exported.

However, just a small proportion of 1.83 percent, of the total sugar imported by China, is done by India.

The largest cultivator of sugarcane in the country is Uttar Pradesh, with more than 177 million tonnes of sugarcane produced in the year 2021.

It has to be noted that the export of sugar has increased by 291 percent, since the year 2013-14.

The largest importer of sugar

Indonesia is considered as the highest importer of sugar, followed by China and the United States.

With a conducive and supportive environment at home, it has become important for exporters to leverage technology to expand their reach into international markets and grab a larger market share. Due to digitised trade services offered by banks and other partners, it has become easier for export businesses to expand operations and improve their market presence.

Looking for new export opportunities in international markets is key for an exporter to expand their business. It needs to begin with an online search of the key markets that one is interested in exploring.

It is always best to start small, understand the nuances of new international markets and then grow into that market. Find out the need and demand for the product that you are providing, narrow down your market and reach out to potential leads.

The process of applying for tenders and winning contracts has also migrated to the online space. Exporters can leverage various online platforms to apply for export contracts, including through the Government of India’s eProcurement portal and online portals run by governments of foreign countries for interested parties to apply for tenders and check their status.

ICICI Bank negotiates the export bills drawn under the Letter of Credit, if the documents are found to be credit compliant at very competitive rates, both in rupee as well as foreign currency, with world-class service standards. Negotiation under LC is much simpler than availing regular working capital limits from a bank.

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