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International Market Integration and Competitiveness of Indian Sugar
Global Business Review ( IF 2.3 ) Pub Date : 2021-02-08 , DOI: 10.1177/0972150920988646
A. N. Vijayakumar 1 , David Bozward 2
Affiliation  

Globalization and liberalization policies facilitated national and international commodity markets to integrate with each other. This integration facilitated price transmission and market efficiency of commodities at domestic markets, leading traders across the globe to exploit opportunities. India is one of the vibrant and emerging economies in the world absorbing these economic features and integrating its markets with the world. This article, focusing on the Indian sugar market, explores market integration of sugar prices with the US, UK and global average prices and also contributes a policy dimension to enhance the competitiveness of the Indian sugar sector. The article, using Johansen’s co-integration with a vector error correction model (VECM), finds the existence of market integration of Indian sugar prices with international prices. However, the average Indian sugar prices are higher than those in other markets, with the support of government price protection policies. These higher prices motivated to increase sugar production in the country. The lower cane prices of Brazil, Australia and Thailand pose challenges in international markets for Indian sugar. Despite this, the Indian sugar sector has a competitive advantage in becoming a great energy source by focusing on ethanol production, which would lead to reducing its international dependency for oil supplies. In addition, the sector can also contribute to rural socio-economic development through adopting technology to produce other by-products rather than merely concentrating on sugar.



中文翻译:

印度糖的国际市场整合和竞争力

全球化和自由化政策促进了国家和国际商品市场相互融合。这种整合促进了国内市场商品的价格传递和市场效率,全球领先的贸易商都在利用机遇。印度是世界上充满活力的新兴经济体之一,吸收了这些经济特征并将其市场与世界接轨。本文着眼于印度食糖市场,探讨了食糖价格与美国,英国和全球平均价格的市场整合,并为提高印度食糖行业的竞争力做出了政策方面的贡献。这篇文章将Johansen的协整与矢量误差校正模型(VECM)结合使用,发现印度糖价与国际价格之间存在市场整合。但是,在政府价格保护政策的支持下,印度糖的平均价格高于其他市场。这些较高的价格促使该国的食糖产量增加。巴西,澳大利亚和泰国的甘蔗价格较低,对印度食糖的国际市场构成了挑战。尽管如此,印度制糖业通过专注于乙醇生产,在成为重要能源方面具有竞争优势,这将减少其对国际石油供应的依赖。此外,该部门还可以通过采用技术来生产其他副产品,而不是仅仅专注于糖,来为农村社会经济发展做出贡献。这些较高的价格促使该国的食糖产量增加。巴西,澳大利亚和泰国的甘蔗价格较低,对印度食糖的国际市场构成了挑战。尽管如此,印度制糖业通过专注于乙醇生产,在成为重要能源方面具有竞争优势,这将减少其对国际石油供应的依赖。此外,该部门还可以通过采用技术来生产其他副产品,而不是仅仅专注于糖,来为农村社会经济发展做出贡献。这些较高的价格促使该国的食糖产量增加。巴西,澳大利亚和泰国的甘蔗价格较低,对印度食糖的国际市场构成了挑战。尽管如此,印度制糖业通过专注于乙醇生产,在成为重要能源方面具有竞争优势,这将减少其对国际石油供应的依赖。此外,该部门还可以通过采用技术来生产其他副产品,而不是仅仅专注于糖,来为农村社会经济发展做出贡献。印度制糖业通过专注于乙醇生产,在成为重要能源方面具有竞争优势,这将减少其对国际石油供应的依赖。此外,该部门还可以通过采用技术来生产其他副产品,而不是仅仅专注于糖,来为农村社会经济发展做出贡献。印度制糖业通过专注于乙醇生产,在成为重要能源方面具有竞争优势,这将减少其对国际石油供应的依赖。此外,该部门还可以通过采用技术来生产其他副产品,而不是仅仅专注于糖,来为农村社会经济发展做出贡献。

更新日期:2021-03-15
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