Exclusive: India set to ban sugar exports for first time in 7 years

India is expected to ban the export of sugar for the upcoming season due to a lack of rain and reduced cane yields, which could increase prices and lead to further inflation on global food markets.

reuters.com

Relevant topic timeline:

8/25/2023

India's food price surge forces government measures to improve supplies

India is facing a rise in food prices due to uneven and scanty rain, prompting the government to take measures to boost supplies and ease inflationary pressures.

8/27/2023

India Further Tightens Rice Shipments in Threat to Global Supply

India, the world's biggest exporter of rice, has imposed more restrictions on rice exports in an effort to prevent smuggling and cool local food prices ahead of a general election, further squeezing global supplies of the staple grain.

8/28/2023

India’s surging food prices are a problem not just for India

The Indian government's efforts to control food prices, such as imposing taxes and export bans, may help contain inflation domestically but could lead to higher prices globally, particularly for rice, affecting countries that rely on food imports.

9/11/2023

Food Commodity Prices Fall in August, Except For Rice

The global food commodity prices decreased by 2.1 percent in August, driven by falling prices of essential food items, except for rice and sugar, according to the latest report from the Food and Agriculture Organization of the UN (FAO). The decrease was seen in the price indices for dairy products, vegetable oils, meat, and cereals, while the sugar price index saw moderate growth. The decline was attributed to factors such as reduced global prices for vegetable oils, surplus of dairy products, increased export availability of meat, and higher seasonal availabilities of wheat and maize. However, the sugar price index increased due to concerns about the impact of the El Niño phenomenon on sugarcane crops. Additionally, the rice price index surged to its highest level in 15 years due to disruptions in the rice trade resulting from India's ban on exporting Indica white rice.

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Posted 8/23/2023, 11:26:00 AM