NEW DELHI: Under the Tariff Rate Quota (TRQ), the Central government has approved an additional 2,051 metric tonnes of raw sugar for export to the United States in fiscal year 2022.
With 8,424 metric tonnes (MT) already given in October 2021, the total quantity allowed for US fiscal year 2022 is currently 10,475 MT, according to a notification released late Friday night by the Director-General of Foreign Trade (DGFT).
The TRQ, according to the DGFT, is a mechanism that allows a fixed quantity of products to be imported. These exact elements correspond to the custom notice connected with it. Tariff quotas are used on a variety of items, but they are most commonly employed in agriculture. The most frequent foods are cereals, meat, fruits and vegetables, and dairy products, with sugar being protected in most producing countries. The fiscal year 2022 in the United States covers the period from October 1, 2021, to September 30, 2022.
The government reported on May 4 that sugar production this year is expected to be 355 LMT, up from 310 LMT last year (lakh metric tonnes). With 85 LMT of carry forward stock from last year (2021-22), total availability is estimated to be 440 LMT, up from 420 LMT last year.
The government has also claimed that 95-100 LMT is expected to be supplied for export.