India to export sugar to China

Initial contract is to despatch 50,000 tonnes to COFCO In a boost to sugar mills sitting on surplus stocks, India will start raw sugar exports to China in early 2019, and is in talks to finalise exports to Indonesia and Malaysia as well. In a statement on Thursday, the Commerce Ministry said the first contract to export 50,000 tonnes of sugar had been entered into by the Indian Sugar Mills Association (ISMA) and Chinese public sector company COFCO. A senior official told The Hindu that the decision to export sugar to China had been taken “at the highest level.” When Prime Minister Narendra Modi met Chinese President Xi Jinping in April, they had committed to a volume of sugar exports of about two million tonnes, said the official. “Raw sugar is the second product after non-basmati rice that China will import from India,” said the Ministry. “It is a move to reduce the $60 billion trade deficit that China has with India. India’s exports to China in 2017-18 amounted to $33 billion while imports from China stood at $76.2 billion.” The Ministry official said government delegations were also travelling to Malaysia and Indonesia next week, for talks to finalise sugar exports to those countries as well. India is the world’s largest sugar producer with a production of 32 million tonnes in 2018. However, domestic consumption is only around 25 million tonnes.

Source : https://www.thehindu.com/todays-paper/tp-national/india-to-export-sugar-to-china/article25459227.ece

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