
Global prices have already been rallying near their highest level in more than a decade, with a pound of raw sugar currently trading at nearly 26 US cents, up from around 17 US cents in May 2013.
The Indian government has capped exports for the ongoing sugar production cycle, which runs from October to September each year, at 6.1 million tonnes.
Trade analysts The Straits Times spoke with said a second tranche of exports for the current cycle is unlikely.
"If any new permission for exports is granted, that will be in December 2023 after factoring in primary production estimates for the new season from October 2023 to September 2024," said Mr Praful Jagjivandas Vithalani, the All India Sugar Trade Association's founder chairman.
According to the association, 5.7 million tonnes of the permitted quota have already been exported, with the remainder expected to be shipped out by May 25.
The anticipated restriction on exports, once the cap has been reached, implies further Indian shipments will be sent out only in 2024, with this absence of a key supplier in the global market coming at a time when production has also declined in countries such as China and Thailand.
This story is from the May 17, 2023 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the May 17, 2023 edition of The Straits Times.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In

Pills Found Near Body of Gene Hackman's Wife as Inquiry Into Their Deaths Continues
American actor Gene Hackman was found dead in a mud room in his New Mexico home, and his wife, pianist Betsy Arakawa, was found dead on the floor of a bathroom on Feb. 26, according to a search warrant affidavit.

Actor Aliff Aziz, actress Ruhainies plead guilty to khalwat offence
Singaporean singer-actor Aliff Aziz and Malaysian actress Ruhainies have changed their plea and admitted guilt to the charge of khalwat (close proximity) at the Syariah High Court of the Federal Territory in Malaysia on Feb 21.

Katy Perry, Lauren Sanchez Among Blue Origin's Planned All-Female Crew to Space
Pop star Katy Perry and journalists Gayle King and Lauren Sanchez, who is billionaire Jeff Bezos' fiancée, are set to blast off into space on a Blue Origin rocket, marking the first all-female flight crew in more than six decades.

EV war escalates as Kia unveils commercial line-up, two new car models
South Korean carmaker Kia has stepped up its electric vehicle (EV) offensive with two new cars and a maiden range of lower-cost light commercial and purpose-built vehicles.
Vietnam to support deportations from US after tariff threats: Lawyer
Vietnam has pledged to support the repatriation of a few dozen Vietnamese nationals detained in the US and to quickly handle new requests for deportations after US threats of trade tariffs and visa sanctions, a lawyer briefed on the matter said.

China Accuses US of Fentanyl 'Blackmail' After Latest Tariff Threat
Beijing accused the US on Feb. 28 of exerting \"tariff pressure and blackmail\" after President Donald Trump's latest threat to impose an extra duty of 10 percent on imports from China, citing a continued flow of fentanyl into the U.S.
Olam's second-half profit falls 83.4% to $38.4 million
Agribusiness giant Olam Group on Feb 28 reported a net profit of $38.4 million for the second half ended Dec 31, down 83.4 per cent from $230.8 million in the previous corresponding period.

Inaugural TGL season hits a high as golf broadens its horizons
With the inaugural TGL season approaching its climax, the scorecard for the tech-fused indoor team golf league backed by Tiger Woods and Rory McIlroy makes for some impressive reading.

Cape Town, Joburg vie for F1's African return
Over three decades after Formula One engines last roared on African tarmac, South Africa is mounting a bid to organise a new Grand Prix and bring the world championship back to the continent.

Desert Raiders Ready To Storm Super Saturday
Galaxy of equine stars converge on Meydan, with Dubai World Cup berths up for grabs