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India to allow a further 2-4 million tonnes of sugar exports this season - ISMA

FILE PHOTO: A labourer carries a sack filled with sugar to load it onto a supply truck at a wholesale market in Kolkata, India

By Maytaal Angel

LONDON (Reuters) - India is likely to allow a further 2-4 million tonnes of sugar exports in the 2022/23 season - a move which would leave total exports at 8-10 million tonnes and below last year's level, the Indian Sugar Mills Association (ISMA) said.

India, the world's biggest sugar producer and the second biggest exporter behind Brazil, exported more than 11 million tonnes of sugar in the 2021-22 (October-September) season.

The government earlier this month approved a first tranche of exports for 2022/23 at 6 million tonnes in a move that helped cap recent upward pressure on benchmark ICE sugar prices.

"Definitely there will be a second tranche ... between 2-4 million tonnes, depending on production," Aditya Jhunjhunwala, president of ISMA, told Reuters on the sidelines of the International Sugar Organisation seminar in London.

He said India would likely produce 36 million tonnes of sugar and 5 million tonnes of ethanol.

Indian consumption is at around 27-27.5 million tonnes, so that leaves 8.5-9 million tonnes for export, he said, adding mills have already signed contracts to export 4 million tonnes of sugar.

(Reporting by Maytaal Angel; Editing by Bernadette Baum)