South Korea: Beekeeping farmers sigh at the prospect of a sugar price increase in the first half of next year
Market & Price Trends
Published Nov 16, 2023
The price of sugar, which is used as food for bees, is expected to remain high due to various factors, putting a burden on beekeepers and leading to pressure to increase sugar prices. The rise in international sugar prices can be attributed to supply disruptions caused by poor harvests due to climate change, as well as export restrictions by countries like India and a forecasted decrease in raw sugar production in Thailand. The beekeeping industry is facing a supply shortage, and there is a need for government intervention to support beekeepers.
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[Livestock News Reporter Jeon Woo-jung] As the price of sugar, which is provided as food for bees in the honey bee season, is expected to remain high for the time being due to internal and external variables, the burden on beekeepers is further increasing, and pressure to increase sugar prices is expected to continue in the first half of next year. According to recent international sugar market trends, the international sugar price has been rising since the second half of 2022, reaching its highest point in September, and as of October 13, it was traded at $727 per ton (36% increase from the previous year, 76.4% increase from the average year). . Meanwhile, the price of sugar was only $538 per ton in October 2022, but it rose significantly by $720 in April this year. Also, after peaking at $751 in September, the price fell slightly to $727 in October, but the price is still maintained at a high level. The main reason for the increase is supply disruption due to poor harvests ...