Sugar prices in Indonesia are soaring due to declining sugar production and decreasing import supplies. The price of consumer sugar has reached IDR 16,640/kg, and sugar imports have decreased by 22% compared to the previous year. Slow realization of sugar imports by stakeholders and the effects of El-Nino, which have caused a potential decline in production, are contributing factors to the high sugar prices.
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Jakarta, CNBC Indonesia - Sugar prices are increasingly soaring in Indonesia, even continuously setting record high prices. In the midst of declining sugar production performance due to the effects of the El-Nino phenomenon or prolonged dry weather, import supplies have also decreased. Based on the Food Price Panel of the National Food Agency (Bapanas) as of November 16 2023, the price of consumer sugar has now reached IDR 16,640/kg, an increase of IDR 200 from the previous day's price of IDR 16,430/kg. On November 9 2023, the price of sugar was still at the level of IDR 16,150/kg. The Central Statistics Agency (BPS) noted that sugar imports in the January-October 2023 period were 4.08 million tonnes, down 22% from total imports in January-October 2022 of 5.23 million tonnes. Meanwhile, as of October 2023 itself, it was 369.57 thousand tonnes, up 39.58% from October 2022 of 264.78 thousand tonnes. In the January-October 2023 period, Indonesia's sugar imports from Brazil weighed ...