Sugar exports rise on weak rupee, strong demand from Indonesia, Iran

Sugar exports from India have risen due to good demand from Indonesia and Iran as the rupee slid to a record low, increasing exporters’ margins from overseas sales, three industry officials told Reuters.

“In the last few days, Iran and Indonesia were buying for May and June shipments,”Rahil Shaikh, managing director of trading company MEIR Commodities India, told Reuters.

Indian sugar mills have already dispatched 3.7 million tonnes out of around 4.1 million tonnes of contracts signed for exports in the 2019/20 marketing year ending on September 30, Shaikh and two other dealers with global trading firms, said.