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The government on Wednesday permitted the export of specified quantity of raw sugar to the US under the Tariff-Rate Quota (TRQ) till December-end this year.
Earlier, it was permitted till September 30.
“The validity for export of raw sugar to the US under TRQ has been extended from September 30, 2022 to December 31, 2022,” the Directorate General of Foreign Trade (DGFT) said in a public notice.
TRQ is a quota for a volume of exports that enters the US at relatively low tariffs. After the quota reaches its limit, a higher tariff is applicable to additional shipments.
In May, the government permitted additional export of 2,051 metric tonne of raw sugar under the TRQ to the US for its fiscal year ending September 30, 2022. With this quantity, total sugar export to the US under TRQ during its fiscal year 2022 would be 10,475 MT.
India, the world’s second-biggest producer and the largest consumer of sugar, has a preferential quota arrangement for sugar export with the European Union as well.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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