Molasses Export to Bangladesh Surges

Nepal’s export of molasses to Bangladesh via Kakarbhitta transit in the first one-and-a-half months of the current fiscal year has already surpassed one third of the total export in the last fiscal year, official data show.

Subash Pandeya, Chief at Kakarbhitta Branch Office of Nepal Transit and Warehousing Company Limited, said that 3,555.6 tonnes of molasses worth Rs 53.19 million were exported via Kakarbhitta until August 30 of the current fiscal year, while the total export in FY 2023/24 stood at 9,741.65 tonnes, worth Rs  Rs 149.36 million.

The current fiscal year began on July 16.

Traders and officials say that the export of molasses to Bangladesh surged after India imposed a 50% export duty earlier this year.

In January, India, the largest exporter of molasses in the world, slapped 50% export duty to ensure its domestic availability following sugarcane shortage due to erratic monsoon, reported Indian media outlets.

(With inputs from RSS)

The news has been updated for clarity.