India, as the worlds largest sugarcane producer, its production has a huge impact on the global sugar market. However, recently due to the continuous drought, both the planting area and production of sugarcane in India have been severely hit. This not only poses a threat to the domestic sugar supply in India but also exerts great pressure on international sugar prices.

Considering the current sugarcane production and future weather forecasts, the Indian government has decided to take measures to ensure the stable supply of domestic sugar. Among them, the most crucial decision is to ban the export of sugar starting from October this year. This measure aims to reduce the supply pressure in the external market and ensure that the basic needs of domestic consumers are met.

Naturally, Indias export policy has caused quite a stir in the international market. According to data from the Ministry of Agriculture, Food and Rural Affairs of South Korea, as of August 23, the international sugar price has risen to 23.98 cents per pound, a year - on - year increase of 32.7%. As an important global sugar exporter, the adjustment of Indias export policy will undoubtedly further push up international sugar prices in the short term, causing sugar prices to fluctuate continuously for a period of time.