International Sugar Organization on Monday said it can see a significant reduction in the global surplus for 2018-2019.

In an interview to CNBC-TV18, Peter De Klerk, senior economist, said, "Indian production will be around 32 million tonne down marginally from the last year."

"India is intending to be a major exporter this year. So, all focus is on India for now and the prices that are in the market," Klerk said.