Tridge summary
The US Department of Agriculture (USDA) forecasts a global sugar production increase to 187.881 million tons in the 2023/24 season, up by 6% from the previous year, driven by higher production in Brazil and India. Despite this, global demand is projected to reach 180.045 million tons, leading to a supply surplus of 7.836 million tons. This is due to expected declines in Russia's production, but increases in Brazilian and Indian sugarcane cultivation areas, and a shift towards sugar production in the European Union.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
Porto Alegre, May 26, 2023 – Global sugar production is expected to grow to 187.881 million tons in the 2023/24 season, up from 177.279 million tons in 2022/23, or 6%, as estimated by the US Department of Agriculture (USDA). In its semi-annual monitoring report on the international sugar market, the USDA projected that global demand for the sweetener will total 180.045 million tons in 2023/24, compared to 176.007 million tons for 2022/23 (up 2.3%) . Thus, the international sugar market will have to deal with a supply surplus of 7.836 million tons in 2023/24, after a surplus of 1.272 million tons in 2022/23. According to the USDA, increased production in Brazil and India will more than offset the expected decline for Russia in 2023/34. Global sugar consumption will increase and reach a new record in 2023/24, in the face of growth in markets such as India and Pakistan. Brazilian production is expected to increase by 4 million tonnes, to an almost record 42 million tonnes, as ...
Source: Safras
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