Saturday, February 21, 2009

India to Buy Sugar From Brazil, Guatemala

India, the world’s biggest consumer of sugar, may import as much as 1.2 million metric tons from suppliers in Brazil and Guatemala to overcome a shortfall in output and cool rising domestic prices.

India’s government yesterday notified rules allowing duty- free imports of raw sugar until Sept. 30 for processing and sale domestically. Buyers must export a similar quantity of white sugar within two years, according to the trade ministry.

“There’s definitely a shortfall in production and this can only be met with raw sugar imports,” Narendra Murkumbi, managing director of Sree Renuka Sugars Ltd., India’s biggest processor, said in an telephone interview in Mumbai today.

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