Brazil's sugar exports to hit record high in 2024

Published Nov 7, 2024

Tridge summary

Brazil is the world's leading sugar producer, having exported 31.7 million tonnes in the first 10 months of 2024, surpassing the previous year's record. This growth is attributed to India's export ban, which has increased global demand and shifted the market dynamics. Indonesia has emerged as Brazil's largest buyer, followed by Egypt and the UAE, with significant increases in imports. Despite a lower production in 2024, Brazil has been able to draw on inventories from the 2023 record crop to support its export activities. Consequently, sugar prices on the New York and Ice exchanges have seen slight increases.

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Original content

Brazil is the world's largest sugar producer. According to data from the country's Ministry of Commerce, sugar exports in the first 10 months of 2024 reached 31.7 million tonnes, surpassing the record 31.3 million tonnes in the same period in 2023. The export ban by India, the world's second-largest producer, has created more opportunities for the South American country - Brazil, helping to increase its share of global trade to about 70%. According to official data, Indonesia has increased sugar imports and become the largest destination for Brazilian producers, surpassing China. Egypt and the United Arab Emirates have also increased sugar imports from Brazil. Although Brazil's sugar production in 2024 is low, inventories from the record 2023 crop have given the country ample supplies to export in the early part of the year. With India no longer an international export market, Brazil has exported more sugar to both India and many other countries. In the first 9 months of 2024, ...

Source: Vinanet