MUMBAI (Reuters) – India could export a record 9 million tonnes of sugar in 2021/22 marketing year as production is likely to jump to a record 35 million tonnes, nearly 5% more than the previous estimate, a leading trade body said on Friday.
The higher exports from the world’s second-biggest producer of the sweetener could weigh on global prices,, trading near their highest level in 4-1/2 months.
Mills have so far signed contracts to export 7.4 million tonnes of sugar in the current marketing year that ends on Sept. 30. Of that, 5.7 million tonnes had been physically moved by the end of March, the Indian Sugar Mills Association (ISMA) said in a statement.
The trade body revised its production estimate as the western state of Maharashtra is likely to produce 13.4 million tonnes of sugar, up from a previous estimate 12.6 million tonnes.
The country could start the new season on Oct. 1 with 6.8 million tonnes of carry forward stocks, compared with 8.2 million tonnes a year earlier, the trade body said.
The ISMA had revised upward production and exports estimate in March.
(Reporting by Rajendra Jadhav; editing by David Evans)
