News

Vietnam: Will historically high sugar prices create a golden time for the sugar industry to recover?

Sugar
Vietnam
Market & Price Trends
Published Nov 9, 2023

Tridge summary

Sugar prices have reached a 12-year high due to a decrease in supply from major producers like India and Thailand. This has led to a 150% increase in sugar prices compared to the beginning of the year. Vietnam, as the third-largest sugar importing country in Southeast Asia, has been affected by the rising prices and an increase in sugar imports due to reduced import taxes. The Vietnamese government is implementing measures to encourage the development of sugarcane raw material areas to increase self-sufficiency in sugar production.
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

Sugar prices on the New York Intercontinental Exchange (ICE-US) have been anchored at a 12-year high since early September until now. Vietnam Commodity Exchange (MXV) said that at the end of the session on November 6, sugar price stopped at 616.2 USD/ton - the highest level since October 2011. Thus, the price of this item has now increased by 150% compared to the beginning of the year and this increase has begun since the fourth quarter of last year. The decline in sugar supply in two major producing countries in the world, India and Thailand, has pushed sugar prices up and maintained at the current high level. There was even a time when the market was shaken by the news that the Indian Government would ban sugar exports in the 2023/24 crop year to stabilize domestic prices. Facing major changes in supply while sugar demand still maintains a growth rate of 1-2%/year, the International Sugar Organization (ISO) forecasts the global sugar supply and demand balance in the 2022 crop ...
Source: Baochinhphu
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