India: Sugar Annual

Indian centrifugal sugar production in market year (MY) 2022/2023 (October-September) is forecast to decline three percent to 35.8 million metric tons (MMT), equivalent to 33.4 MMT of crystal white sugar after a record production of 36.8 MMT (equivalent to 34.4 MMT of crystal white sugar) in MY 2021/2022. Likewise, exports in MY 2022/2023 are estimated to decline 41 percent to 5.2 MMT, a conspicuous departure toward normal trade volumes after record exports of 8.7 MMT (equivalent to 8.5 MMT of crystal white sugar) in MY 2021/2022, following global supply shortfalls and competitive prices. Sugar consumption in MY 2022/2023 is expected to grow two percent to 29.5 MMT backed by burgeoning institutional and consumer demand.