According to data released by shipping company Cargonave on Friday, Brazilian sugar exports rose by 50% in the first half of 2024, reaching 15.15 million metric tonnes. Indonesia emerged as leading among the main destinations.
The data indicated that Wilmar International, a commodities trader headquartered in Singapore, was the main bulk sugar charterer among companies exporting from Brazil with 16% of the trade. Alvean closely followed with 15%, and Sucden had 14%.
Indonesia received 12% of Brazil’s raw sugar exports in the first half, while India received 9% and the United Arab Emirates 8%.
Despite being the world’s second-largest sugar producer, India typically imports Brazilian sugar for re-export as refined product from its coastal refineries.
According to the Reuters, analysts predict that Brazil’s sugar production in 2024 will be lower than in 2023, but the country started the year with ample stocks from the previous year, which supported strong shipments in the early months of 2024. This period is traditionally quieter for sugar loadings.
Additionally, the quick start to the harvest and processing of the new crop due to drier-than-normal weather contributed to higher export volumes in the first half.
