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Indian sugar exports below expectations

India’s sugar exports are not growing at the expected pace with some mills not keen on selling despite global prices at 2-1/2-year highs. This is making global sugar buyers nervous, as they were relying on Indian supplies to help meet a global sugar deficit of 6.12 million tonnes in 2019-20 as forecast by the International Sugar Organisation. The Government of India, in the hope to rid India of its surplus stocks had approved a sugar export subsidy of 10,448 rupees ($145.58) a tonne for the 2019/20 season last year with an export target of 6 million tonnes. However, there is a doubt now on whether that target will be met. Maharashtra mills, on the other hand, are betting on a further jump in international prices and forecast of production dropping by 50% in this season.