Indian mills contract to export three million tonnes of sugar: Trade body

New Delhi: Indian sugar mills have contracted to export 3 million tonnes of sugar since the current marketing season began on Oct. 1, a leading trade body said on Monday.

Mills have already shipped out 2.1 million tonnes of the sweetener, Praful Vithalani, president of the All India Sugar Trade Association, told Reuters.

Mills have exported almost an equal amount of raw and white sugar for which the top four destinations are Bangladesh, Iran, Sri Lanka and Somalia, Vithalani said.

Prime Minister Narendra Modi’s cabinet late last year approved incentives to encourage money-losing mills to export at least 5 million tonnes of sugar in the 2018-19 season to help prop up local prices by trimming bulging stocks.