Requests for export licenses by EU exporters exceeded the available volume by more than double the journal said. As a result, the volumes requested in applications between Oct. 1 and Oct. 4 will be reduced by 42.17 percent to bring them within the overall limit.
Applications received after Oct. 4 were rejected.
The decision relates to the 2013/2014 EU marketing year, which runs from Oct. 1 2013 to Sept. 30 2014.
Out-of-quota sugar refers to EU sweetener produced in excess of annual production quotas, and the bloc’s exports are limited to 1.37 million tons per year under a World Trade Organization agreement.
Earlier this year, the EU agreed to end its system of sugar production quotas from October 2017, after which the European Commission said the WTO limit would no longer apply. (Reuters)