Bangkok: Thailand’s cabinet has approved a 10% increase in domestic sugar prices, equivalent to 2 baht ($0.05), Commerce Minister Phumtham Wechayachai said on Tuesday.
The decision comes just weeks after the government reversed a previously announced 20% price hike and classified sugar as a controlled good, requiring additional approval for exports of more than one tonne.
“This is an appropriate measure to take into account the rising costs faced by sugarcane farmers,” Phumtham explained.
The country exported a total of 7.69 million tonnes of sugar last year.
Thailand is the world’s second-largest sugar exporter after Brazil. Drought has impacted sugar production in the country, and this year’s output is estimated to reach 8 million tonnes, according to government data. Of this, 2.5 million tonnes will be consumed domestically, and the remaining 5.5 million tonnes will be exported.
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