Sugar exports of Zimbabwe plummet 68%

Published 2022년 2월 10일

Tridge summary

Zimbabwe's sugar exports have fallen by 68% due to restrictions placed on imports by Kenya, a key export market. Kenya has been granted safeguards by the Common Market for East and Southern Africa (Comesa) to protect its local sugar industry. As a result, Hippo Valley Estates, Zimbabwe's leading sugar producer, is looking for new export markets. The company's share of the total industry sugar sales has increased to 53% compared to 49.95% in the previous year. The company is also planning for an early milling season start in April 2022 and is focusing on marketing efforts to dispose of available stocks at the best possible value.

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Original content

Source: Sugar exports plummet 68% – NewsDay Zimbabwe BY LORRAINE NDEBELE Zimbabwe Stock Exchange-listed sugar producing giant Hippo Valley Estates says total industry exports plummeted during the third quarter ended December 31, 2021 after shipments to Kenya were halted. Kenya, one of Zimbabwe’s key brown sugar export destinations, has scaled up restrictions on cheap imports to protect its industry. Hippo, along other Zimbabwean producers previously enjoyed significantly less restricted access into that market under Common Market for East and Southern Africa (Comesa) regulations. However, Nairobi has been granted safeguards by the pan-African bloc to protect domestic producers from regional peers. The steady growth of Nairobi’s sugar industry in the past two decades, which has seen the establishment of 15 white sugar mills, while several jaggery operators have moved in, has been attributed to the these policies. In a trading update for the review period, Hippo said the Zimbabwe ...

Source: Zimbabwesituation