India’s rice export ban sparks sugar concern FMTNews FMTBusiness
As global sugar supplies tighten, the world has become increasingly reliant on the South Asian nation’s shipments.
This may limit the country’s ability to export. The government has already restricted overseas sale of wheat and some rice varieties to protect domestic supplies and cool prices, adding to stresses on global food markets that have already been roiled by bad weather and the worsening conflict in Ukraine.
Meanwhile, India is set to use more sugar for biofuel. The association sees mills diverting 4.5 million tons to make ethanol, up 9.8% from a year earlier. India has restricted sugar exports before. For the 2022-23 season, shipments are capped at 6.1 million tons, down from 11 million tons the year before. Next season, analysts including Akamine and Lima expect only 2 million to 3 million tons will be allowed — or none at all — risking a further surge in global prices.
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