Russia bans sugar exports until the end of August to stabilize the market

Published 2024년 5월 6일

Tridge summary

Russia has imposed export restrictions on sugar to the Eurasian Economic Union (EAEU) countries, including Armenia, Belarus, Kazakhstan, and Kyrgyzstan, due to a significant increase in exports. The country exported over 700,000 tons of sugar from August 2023 to February 2024, which is three times more than the previous season. The government aims to conserve reserves for the new season and ensure supply for EAEU partners. Despite the low prices, Russia's sugar is affordable for many countries, leading to increased demand. The Ministry of Agriculture anticipates that Russia will produce 6.6 million tons of beet sugar in 2023, with an expected rise to 6.8 million tons in 2024.

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Original content

Source: baotintuc.vn Photo: essanews.com Businesses are still limited in exporting to countries in the Eurasian Economic Union (EAEU) such as Armenia, Belarus, Kazakhstan and Kyrgyzstan, totaling 181,500 tons. The Ministry of Agriculture estimates that from now until the end of the season, Russia can only export about 200,000 tons of sugar. The ban was introduced after Russia's sugar exports increased sharply. According to data from the Ministry of Agriculture, from August 1, 2023 to the end of February 2024, the country exported more than 700,000 tons of sugar, 3.3 times higher than the same period last season (Russia's crop year began). starting from August). The Russian government believes that restricting exports will preserve reserves for the new season and ensure supply for Russia's partners in the EAEU. The Ministry of Agriculture said Russian sugar prices are among the cheapest in the world, so in the past year, many countries have switched to buying Russian sugar, ...

Source: AgroInfo.vn