Nov. 14 (Bloomberg) -- The European Union will allow exports of an additional 700,000 metric tons of sugar in the 2013-14 season that started last month, according to the European Commission, the bloc’s regulatory arm.
The proposal, approved at the Sugar Management Committee today, will enter into force in early December, the commission said in an e-mailed statement. The new tranche of exports will take shipments for the 2013-14 season up to 1.35 million tons, within the maximum allowed by the World Trade Organization. The EU issued export licenses for 650,000 tons on Oct. 10.
EU sugar production will fall to 16 million tons in 2013-14 from 17.22 million tons a year earlier, the commission estimated in September. Quotas on the amount of sugar producers are allowed to sell within the domestic market meant the bloc had to take additional measures to boost local supplies by allowing more domestic sales and boosting imports via tenders.
The commission also said it “intends to open further market measures after the publication of the new regulation,” it said.
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