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Translated by: OX News Team Justice

It is reported on May 25, that the Indian Government issued a statement saying that it will limit the export of sugar to ensure sufficient supply for the country and the price stability. India is one of the world’s major sugar producers and the second largest sugar exporter after Brazil. This will be the first time India has imposed restrictions on sugar exports in six years, aiming to ensure a stable domestic supply.

Image Source: reuters

The Confederation of Sugar Traders of India responded to the Government’s planned export curb, saying it was a “precautionary move” by the Government to control sugar prices. Sugar prices rose after the news that India planned to impose limits on sugar exports. However, the stock prices of major Indian sugar companies fell sharply, with some companies’ stock dropping as much as 8% on the May 24.

Affected by this news, on May 25, Communist China’s A-share sugar industry stocks soared, Nanning Sugar Industry raised to upper-limit, and COFCO Sugar Industry and Yuegui shares rose sharply. It is worth noting that since the end of April, the share price of Nanning Sugar has been on the rise. As of the press release on May 25, it reported 10.88 Yuan, an increase of about 25% from the lowest price of 8.1 yuan on April 27.

China’s annual consumption of white sugar exceeds 15 million tons, ranking fourth in the world in sugar consumption, accounting for about 10% of the world’s total annual sugar consumption. The annual per capita consumption of white sugar is not high, only at the middle level in the world. However, due to the large population, the production and sales of white sugar in Communist China has never been balanced, the gap is of millions of tons.

Image Source: trend economy

In the middle of this month, India caused a global earthquake by banning wheat exports, leading to benchmark price of wheat to soar. On May 9, Pakistan announced a complete ban on sugar exports, and now India has restricted sugar exports. It is undoubtedly worsening the situation.

Reference:
https://gnews.org/post/p2598888/

Edited by:  MikeHua
Posted by:  Peter Chen

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