Vietnam's sugar is exported to 28 countries and suddenly has an unprecedented price increase

Published 2023년 4월 22일

Tridge summary

Global sugar prices have reached a 11-year high of 24 cents per pound due to increased demand and lower than expected production in key countries like India, Thailand, China, and Pakistan. Unfavorable weather conditions, including unseasonal rains in Maharashtra, India, and a weaker sugar beet crop in Europe, have contributed to the supply tightness. The market is expected to remain volatile with potential further price increases. OPEC+'s oil production cut has also diverted resources from sugarcane to ethanol production. The price hike is anticipated to have the greatest impact on countries struggling with food insecurity, particularly in North Africa and sub-Saharan Africa.

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

Original content

Currently sugar prices are skyrocketing due to increased global demand but the weather is not so favorable. Some analysts even think that the price of this item could rise even higher. According to CNBC, the price of raw sugar has increased to about 24 cents per pound - the highest in 11 years. Sugar prices have increased sharply in the past three months Why are sugar prices skyrocketing? “In recent weeks, the sugarcane season in Asia has gradually come to an end. Global sugar supply is tight due to lower-than-expected output in some countries. In particular, crops in India, Thailand, China and Pakistan have been worse than expected,” said John Stansfield, analyst at commodity data platform DNEXT. India is the second largest sugar producer in the world after Brazil. However, at the beginning of April, the Indian Sugar Trade Association (AISTA) lowered its estimate of sugar production by almost 3% for the October 2022 to September 2023 season. This is due to unseasonal ...

Source: Vinanet