As part of the Tariff Rate Quota (TRQ) for the US fiscal year 2022, the Centre has approved the export of 2,051 metric tons of raw sugar.

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Director-General of Foreign Trade (DGFT) announced on Friday that the total quantity allocated for the US fiscal year of 2022 would be 10,475 metric tonnes (MT) as opposed to 8,424 MT in October 2021.

DGFT describes the TRQ as a mechanism that allows a set quantity of specific products to be imported. The products are determined by the custom notification associated with them. A wide range of products is subject to tariff quotas, though most of them are in agriculture.

Meats, fruits and vegetables, and dairy products are the most common, and sugar is also protected in most producing countries.

Fiscal year 2022 refers to the period between October 1, 2021, and September 30, 2022.

The government reported that sugar production for this year would be 355 LMT (lakh metric tons), up from 310 LMT (lakh metric tons) last year. With the forward carry stock from last year (2021-22) at 85 LMT, the total availability is pegged at 440 LMT, compared to 420 LMT last year.

Furthermore, 95-100 LMT is also expected to be exported, according to the government.

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(With Inputs from IANS)