Govt Allows Export of 18,300 Tonnes of Sugar to US and EU.

New Delhi, Jan 6 (PTI) The government today permitted the export of 18,300 tonnes of sugar to the US and the European Union (EU) to meet India''s obligations under an arrangement in which preferential access was given to Indian exporters in these markets.

The export permissions were notified by the Directorate General of Foreign Trade (DGFT).

As much as 8,300 tonnes will be shipped to the US and 10,000 tonnes to European markets.

Consignments of sugar from India, as well as other developing countries, enjoy preferential market access to the US and European markets.

Under the present dispensation, sugar exports are subject to a quantitative restriction of one million tonnes in the 2011-12 marketing season (October-September).

These restrictions were enforced in the wake of high food prices, which resulted in overall inflation touching the double digits in the recent past.

Sugar production in India -- the world''s second-largest producer and biggest consumer of the sweetener -- is estimated at 25-26 million tonnes in the 2011-12 marketing year.

Source : news.in.msn.com