Brief by Shorts91 Newsdesk / 12:29pm on 25 Aug 2023,Friday Business
Amid speculation that India may impose its first sugar export ban in seven years, the Indian Sugar Mills Association (ISMA) has denied an immediate ban but said a decision could come in the next few weeks. A potential export ban by the world's second-largest sugar exporter could have major global impact amid high international prices and inflation fears. A recent Reuters report, citing government sources, said India was expected to ban sugar exports next season starting October due to reduced cane yields from lack of rains. ISMA stated the move is not imminent but possible within weeks. India restricting sugar exports could significantly affect global markets at a time of already rising commodity prices and supply concerns. The country's lower cane output this year is factoring into considerations of an export ban.
