Green Pool expects global sugar deficit in 2023/24
A global sugar deficit of 1.01 million tonnes is projected for the 2023/24 season, ending a run of three successive surpluses, analyst Green Pool said on Tuesday in its initial forecast for the crop year.
It is reported by Nasdaq.
The Australia-based sugar and biofuels analyst's report said that it expect global production to falter, particularly in India, Pakistan and the European Union. Consumption, meanwhile, is projected to rise, albeit at a slower rate than in the previous season.
Green Pool's forecasts, which are based on national crop years, predict that global production will fall slightly to 192.8 million tonnes, down from the previous season's 193.2 million tonnes, bringing an end to the upturn after a poor crop in 2019/20.
India was expected to register the steepest decline with a drop of 2.3 million tonnes to 34.5 million tonnes. However, that should be partially offset by production in Centre-South Brazil rising to 35.8 million tonnes from 33.65 million tonnes.
Global consumption was forecast to rise by 1.24% to 192.8 million tonnes, representing a slight slowdown from the previous season's 1.36% growth.
Green Pool forecasts a global surplus of 1.77 million tonnes in the 2022/23 season, slightly larger than the previous season's 1.44 million tonne surplus.