India extends curbs on sugar exports till October 2023

India has extended restrictions on sugar exports by one year until October 2023, the government said in a notification on Friday.

The world's biggest producer of the sweetener is still expected to fix a quota for this year's overseas sales, and the current season's export quota could be issued next week, trade and government sources said, reports Reuters. 

In May, the goverment restricted exports through the end of this month to contain a rise in domestic prices following record exports.

"The notification merely extends the government's policy of keeping sugar exports in the restricted category, but this decision does not mean that the government will not allow sugar exports in 2022/23," said Prakash Naiknavare, managing director of the National Federation of Cooperative Sugar Factories Ltd.

According to Reuters, the government was planning to allow 5 million tonnes of sugar exports in the first tranche for the new marketing year, which began on 1 October.

The government and industry officials said that India is expected to produce a record sugar crop this year, which could allow New Delhi to export up to 8 million tonnes.