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India to resume exports of 2 mn tonnes to China in 2019, shares surge up to 7%

Stocks of domestic sugar manufacturing companies like Dhampur Sugar Mills Ltd, Balrampur Chini Mills Ltd, Shakthi Sugars, Ugar Sugar Works Ltd, among others, got a boost and rose up to 7% on Friday following the government’s recent announcement that India is planning to export 2 million tonnes of sugar to China from early 2019. With this step, India will resume exporting raw sugar to China after a decade. The move is aimed at cutting the $60 billion trade deficit with China. The country’s export to China in 2017-18 amounted to $33 billion, while imports from China stood at $76.2 billion.  The statement pointed out that raw sugar is the second product after non-basmati rice that China will import from India. 

Read More at The Financial Express News date : 9 Nov 2018, Friday

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