Russia: The Ministry of Agriculture explained why to ban the export of sugar

Published Mar 12, 2024

Tridge summary

Russia's sugar exports have seen a significant increase of 3.3 times from August 2023 to February 2024, exceeding 700,000 tons, due to the affordability of Russian sugar in the global market. The country has also expanded its sugar supply to new markets including Turkmenistan, Afghanistan, Turkey, North Korea, and Senegal. Despite a domestic consumption of 6 million tons, production is projected to reach 6.8 million tons this season, marking a 9.8% increase from the previous year. To ensure domestic supply and market stability, a temporary ban on exports is being planned by the Ministry of Agriculture.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

As the Ministry of Agriculture explained, sugar exports from August 1, 2023 to the end of February 2024 exceeded 700 thousand tons, which is 3.3 times higher than the same period last season. “Russian sugar is one of the most affordable in the world, which stimulates demand for it on the world market,” the ministry explained. This season, the geography of domestic sugar supplies has noticeably expanded - in particular, Turkmenistan, Afghanistan, Turkey, North Korea, and Senegal began to buy it. At the same time, according to the department’s forecasts, with domestic sugar consumption of 6 million tons, its production in this agricultural season will be 6.8 million tons, which is 9.8% more than the previous agricultural year. The fact is that last year the second sugar beet harvest in history was harvested - 53.1 million tons. Since it is necessary to ensure a sufficient amount of sugar by the end of the season, taking into account forecasts for production and consumption, about ...

Source: RG