India’s move to slash sugar export quota to tighten world supply
India sharply reduced its sugar export quota for 2022-23, potentially worsening the global market outlook already strained by supply hiccups in top shipper Brazil.
The South Asian nation asked the millers to sell 6 million tons in the overseas market by May 31, according to a food ministry notification, indicating it may still permit more shipments through October 2023. The quota for 2021-22 totaled 11.2 million tons.
The move comes at a time when the world is already thirsty for supplies, with Brazil witnessing excessive rains and delays in sugar cane crushing. Raw sugar in New York have jumped more than 6% since late October, and could strengthen further following the announcement by India that vies with Brazil as the top producer.
Edible oil imports seen marginally lower at 13.5 mt in 2022-23
Quantum and type of oil imports will depend on price parity, palm-soft oils spread, the solvent extractors’ body said
The Solvent Extractors’ Association of India (SEA) estimates oil imports during the current oil year (November 2022-October 2023) would be marginally lower than the 14 million tonnes (mt) imported in the oil year 2021-22 .
SEA Executive Director, B.V. Mehta, said India may import around 13-13.5 mt of edible oil in the current oil year due to record stocks of 2.6 mt as on November 1. He was speaking at the 18th Indonesian Palm Oil Conference and Price Outlook 2023, organised by the Indonesian Palm Oil Association (GAPKI) at Bali, Indonesia, on Friday.
PBFIA to represent the Indian plant-based food sector at Dubai Speciality Food Festival
Registers as an associate partner of the key event in MENA region
The Plant-Based Foods Industry Association (PBFIA) will represent the country at the three-day The Speciality Foods Festival to be held at the Dubai World Trade Centre during November 8-10. It has registered itself as an associate partner of the event.
The event is all set to be a leading one for the Middle East and North Africa (MENA) region’s gourmet and food industry.
A PBIFA statement said, “The Speciality Food Festival is a platform to network with plant-based food and beverage companies from around the world. The 3-day exhibition will offer engagement opportunities to connect with the global industry to develop, source and distribute plant-based products.”
The festival is a go-to destination for the industry to discover what’s new, source 20,000-plus products, learn about emerging trends, and build relationships with other food and drink professionals.