India plans to resume exporting raw sugar to China beginning 2019, almost after a decade. The move is a part of a larger goal of shifting focus to the overseas markets to shed surplus stocks that have muted prices and created financial distress in the Indian sugar mills.
The Union Ministry of Commerce and Industry said in a statement that Indian Sugar Mills Association and COFCO, a public sector company of China have entered into a contract for exporting 15 thousand tonnes of raw sugar.
1. India plans to export two million tonnes of raw sugar to China beginning next year.
2. Raw sugar is the second product after non-basmati rice that China will import from India.
3. The move is expected to reduce the 60 billion trade deficit that China has with India.
4. India’s export to China in 2017-18 amounted to 33 billion US dollars while imports stood at 76.2 billion dollars.