Brazil sets new record for sugar exports

Sugar exports from Brazil in January-October reached 31.7 million tons. The volume of exports has already exceeded last year’s record figure (31.3 million tons), according to government data. Restrictions on its exports from India have boosted demand for the South American product, so Brazil has increased its share of the global market to about 70%, according to an estimate by Argus cited by Reuters. Indonesia has sharply increased purchases and has become the largest destination for Brazilian sugar, overtaking China. Egypt and the United Arab Emirates have also increased imports from Brazil. Brazil’s sugarcane crop will shrink in 2024, but stocks from last year’s record year have allowed the country to export large quantities. Meanwhile, Brazil exported 2.2 million tons of sugar to India in January-September, up 72% from the same period last year. Shipments to Indonesia totaled 2.6 million tons, about three times the January-September 2023 total. Exports to the UAE also nearly ...