India to export more sugar to US
NEW DELHI: The Centre has allowed an additional 2,051 metric tonnes (mt) of raw sugar to be exported to the US under the Tariff Rate Quota (TRQ) for the US fiscal year 2022.
With 8,424 metric tonnes (mt) already allocated in October 2021, the total quantity allocated for US fiscal year 2022 would now be 10,475 MT, Director General of Foreign Trade (DGFT) said in a notification published late on Friday night.
As per the DGFT, the TRQ is a mechanism that allows a set quantity of specific products to be imported. These specific items are as per the particular custom notification associated with it. Tariff quotas are used on a wide range of products, but most are in the agriculture sector.
Cereals, meat, fruit and vegetables, and dairy products are the most common, and sugar is also protected in most producing countries.
US fiscal year 2022 means the time frame of October 1, 2021 to September 30, 2022.
On May 4, the government had announced the production of sugar this year was estimated at 355 LMT against last year’s 310 LMT (lakh metric tonnes). With the carry forward stock from last year (2021-22) at 85 LMT, the total availability is pegged at 440 LMT, compared to 420 LMT last year.
The government had also claimed that 95-100 LMT is projected to be sent for exports.
India’s sugar exports surged 291 per cent to $4.6 billion in the financial year 2021-2022, according to the government data released on Monday. The exports were up from $1.2 billion in FY 2013-14. As per DGCI&S data, India exported sugar to 121 countries across the globe.
Sugar export jumped 65 per cent in 2021-22 correspondingtopreviousyear.thegrowthwasachieved despite logistical challenges posed by COVID-19 in the form of high freight rates, container shortages, etc, the Ministry of Commerce & Industry said in a statement. Highlighting the historic achievement in a tweet, Union Minister for Commerce and Industry Piyush Goyal said that Modi government’s policies were helping farmers increase their income by tapping global markets.