India restricts sugar exports for first time in six years

India has imposed restrictions on sugar exports for the first time in six years by capping this season’s exports at 10 million tonnes, a government order said, to prevent a surge in domestic prices after mills sold a record volume on the world market.

Report informs, citing Reuters, that the government has also asked exporters to seek its permission for any overseas shipments between June 1 and Oct. 31, the order said.

India is the world’s biggest sugar producer and the second biggest exporter behind Brazil.