The declining world sugar price – now close to the lowest since September 2015 – has led to calls from Brazil among others for India to cut its export subsidies. The subsidies have not been transformative, with Indian exports down 29% in February vs. a year earlier while average prices globally fell 32%. However, volumes elsewhere are falling rapidly. Total American seaborne imports – which accounted for 14% of Indian exports in the past year – dropped 34% in the first quarter. Exports from Brazil (the largest global producer) fell 19% in the three months to February 28.