The Philippines shipped more than 100,000 tonnes of sugar to China and Japan
Traders shipped 100,662.51 tonnes (MT) of raw sugar to China and Japan as part of efforts to reduce the country’s sugar inventory, according to the Philippine Sugar Millers Association Inc. (PSMA).
It is reported my BusinessMirror.
PSMA Executive Director, Francisco D. Varua, said the volume is part of the 140,000 tonnes of sugar that Philippine traders would export to countries other than the United States by the end of November.
Varua said shipping 140,000 tonnes of sugar would help reduce the country’s sugar inventory and improve domestic prices during the current crop year, which began on September 1.
«The price of sugar now is P1,383 (UAH 719,16) per 50-kilogram bag», — he added. The figure is 6,38% higher than the P1,300 (UAH 676) price level recorded as of August 31.
A sugar crop year (CY) in the Philippines runs from September 1 to August 31.
The country’s raw sugar balance at the end of CY 2016-2017 was pegged at 391,918.80 tonnes, 69,23% higher than the 231,589.20 tonnes recorded in the previous CY ending August 31, 2016.
In March the SRA [Sugar Regulatory Administration] issued Sugar Order (SO) 1-B, which authorized the reallocation of locally produced sugar in CY 2016-2017. The SRA made the reallocation to arrest the decline in the domestic price of sugar.