Reuters first to report India’s sugar exports - Reuters News Agency

Reuters first to report India’s sugar exports

Reuters was first to report that India is expected to withdraw sugar export subsidies from the new season beginning in October, as a sharp rise in global prices makes it easier for Indian mills to sell the sweetener on the world market. India, the world’s biggest sugar producer after Brazil, encouraged overseas sales for three years in a row, helping New Delhi emerge as a significant, stable exporter of the commodity. Benchmark prices in New York touched a 4 1/2-year high. A day later, trade and industry officials told Reuters that India could export 6 million tonnes of sugar in the new 2021-22 season even without government subsidies, thanks to rising international prices.  

Market Impact

Shares in leading Indian sugar producers such as Shree Renuka, Bajaj Hindusthan, Dalmia Bharat Sugar closed up to 5% lower on the news.

Article Tags
Topics of Interest: Environment
Type: Reuters Best
Sectors: Commodities & Energy
Regions: Asia
Countries: India
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story
FILE PHOTO: A labourer carries a sack filled with sugar to load it onto a supply truck at a wholesale market in Kolkata, India, November 14, 2018. REUTERS/Rupak De Chowdhuri/File Photo/File Photo
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