Imports of more expensive sugar into the US should increase
Sugar
United States
Regulation & Compliances
Market & Price Trends
Published Mar 23, 2024
Tridge summary
The US is set to import the largest amount of sugar in at least six years due to a decrease in supply from Mexico, its largest supplier. Brokerage Czarnikow estimates that the US will import around 750,000 metric tons of sugar in 2023/24, which will be subject to the highest level of import tariffs, leading to high sugar prices for consumers. Mexico's sugar harvest has been poor for two consecutive years, with production expected to hit a 10-year low of 4.7 million tonnes in 2023/24.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
NEW YORK (Reuters) - The United States is expected to import the largest amount of sugar with higher taxes in at least six years in the current crop year (October-September), mainly due to the drop in supply from trading partner Mexico, the brokerage said Czarnikow in a report on Friday. The US is estimated to import around 750,000 metric tons of sugar in 2023/24, which will be taxed at the highest level of import tariffs: $360 per ton, or 16.33 cents per pound, Czarnikow said. . This type of import keeps sugar prices for consumers in the country very high, almost double the international reference. The US government has programs to import cheaper sugar with lower tariffs, but has been unable to fulfill them due to limited supply in quota countries. “The amount of high-tariff sugar entering the U.S. has doubled in the last five years and we expect this trend to continue,” Czarnikow said. The US imports about a third of its sugar needs. Mexico is the largest supplier, due to ...
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