The Philippines to resume exporting raw sugar to the US in August

Published 2024년 7월 11일

Tridge summary

The Philippines is set to resume exporting raw sugar to the United States in August, nearly four years after its last shipment, following requests from industry stakeholders and a quota allocation of an additional 25,300 metric tons for fiscal year 2024 by the US Trade Representative. The country also plans to import around 200,000 metric tons of refined sugar to address an anticipated supply gap. The Sugar Regulatory Administration is developing a sugar order for the exports and imports, with the exportation happening in August and the importation happening before the start of the milling season in September to avoid impacting local sugar prices. However, a coalition of sugarcane producers has raised concerns about the necessity of exporting and importing sugar, particularly given the current tariff scheme and local price stabilization goals.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The Philippines will be resuming its exports of raw sugar to the United States in August, nearly four years after it made its last shipment to America, following requests from industry stakeholders. Interviewed by reporters on Thursday, Sugar Regulatory Administration (SRA) administrator and CEO Pablo Luis Azcona said, “Exporters are requesting if they’ll be allowed to export.” “Exporters are volunteering to export… they will serve the 25,000 [metric tons],” Azcona said. In March, the US Trade Representative (USTR) announced it allocated an additional 25,300 metric tons raw value (MTRV) for the Philippines for fiscal year 2024 (October 1, 2023 through September 30, 2024). The US government’s MTRV allocation scheme allows countries to export specified quantities of a product at a “relatively low tariff.” “According to exporters, they [raw sugar] have to arrive in the US by September… So, if that happens, [the exportation] will happen in August,” Azcona said. The plan to export will ...

Source: Gmanetwork