It is reported by USDA in its May report.

Consumption is anticipated at a record high with the expectation of continued favorable retail and institutional sugar demand.

Imports are unchanged while exports are expected to decline by over 40% given the expected return to normal trade volumes.

Record exports are estimated for 2021/2022 following global supply shortfalls.

On May 24, 2022, the Ministry of Commerce and Industry announced an amendment to its sugar export policy.

Amid overseas sales, India issued a notification curbing exports of sugar to check domestic inflation and to channel more sugar cane into ethanol production.

According to the amendment, exports of raw, refined, and white sugar have been placed under the “restricted” category.

Exports occurring after June 1, 2022 will require special permission from the Directorate of Sugar, under the Department of Food and Public Distribution.

Sugar exports destined for the United States and the European Union under its tariff-rate quota and Schedule CXL quotas, respectively, are exempted from this directive.

This is the first restriction on sugar exports in 6 years. Stocks are up almost 15% with the expected lower exports.