Government authorizes the export of an additional 2,051 MT of raw sugar to the United States under the tariff rate quota
New Delhi, May 7 (IANS) The Center has authorized the export of an additional 2,051 metric tons of raw sugar to the United States under the Tariff Rate Quota (TRQ) for the US fiscal year 2022.
With 8,424 metric tons (MT) already allocated in October 2021, the total quantity allocated for US fiscal year 2022 would now be 10,475 MT, the Director General of Foreign Trade (DGFT) said in a notification released late Friday evening. .
According to the DGFT, the tariff quota is a mechanism that allows the import of a determined quantity of specific products. These specific items conform to the particular custom notification associated with it. Tariff quotas are used for a wide range of products, but most concern the agricultural sector.
Grains, meat, fruits and vegetables, and dairy products are the most common, and sugar is also protected in most producing countries.
U.S. fiscal year 2022 means the period from October 1, 2021 through September 30, 2022.
On May 4, the government announced that this year’s sugar production was estimated at 355 LMT compared to 310 LMT (lakh metric tons) last year. With last year’s carryover stock (2021-22) at 85 LMT, total availability is set at 440 LMT, up from 420 LMT last year.
The government had also claimed that 95 to 100 LMT should be sent for export.