According to India's "Business" reported on March 25, according to the Indian Cabinet and industry sources, India plans to implement sugar export restrictions, limiting sugar exports this year to less than 8 million tons, in order to prevent its domestic sugar prices from soaring. This will be India's first export restriction policy since the imposition of 20% export tax in 2016. It is reported that the regulation is expected to be officially announced in early April.
As the world's second-largest sugar producer, India surpassed Brazil as the world's largest sugar producer in the 2018 / 2019 pressing season. In this pressing season (2021 / 2022 pressing season), India's sugar production forecast has been raised to 33 million tons. After the news of export restrictions, the price of white sugar futures in the international market rose last Friday (March 25), reaching a new high in five years, and the price of raw sugar futures also rose to a new high since November last year.