Global supply dictates direction of local sugar industry, says minister

Published 2024년 1월 17일

Tridge summary

The Minister of Domestic Trade and Cost of Living in Kuala Lumpur emphasized the need to consider factors beyond the price of sugar in the local market, such as the stability of imported raw sugar supply and the sustainability of the local processed sugar supply industry chain. He expressed concern over the global sugar supply shortage and cited a prediction of a larger deficit of 5.4 million tonnes this year, due to weather conditions, domestic issues in producing countries like India and Thailand, and geopolitical conflicts. The country relies 100% on imported raw sugar for the domestic market, and the Minister met with local sugar manufacturers to discuss the industry's outlook.

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Original content

KUALA LUMPUR (Jan 17): The direction of the local sugar industry and supply needs to be seen not only at the price of sugar in the local market, said Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali. He said other factors such as the stability of imported raw sugar supply and the sustainability of the local processed sugar supply industry chain should also be given attention. What's more, according to him, the country depends 100% on the import of raw sugar for the domestic market. "In the past few years, the world has been dealing with rising raw sugar prices and what is even more worrying is the risk of a global sugar supply shortage," he said in a post on his Facebook on Wednesday. He was commenting on his meeting with two local sugar manufacturers, namely MSM Malaysia Holdings Bhd (MSM) and Central Sugars Refinery (CSR), which was held at his ministry on Tuesday. Armizan also cited a Business Mirror article which reported that the world's largest sugar trader, ...

Source: Theedgemarkets