The International Sugar Organization (ISO) has released its projection for the upcoming 2023/24 sugar season, forecasting a decrease of -1.2% in global sugar production, resulting in a total of 174.83 million metric tons (MMT). In a significant shift, the global sugar market is expected to experience a deficit of -2.118 MMT in the 2023/24 period, reversing the surplus of 0.49 MMT recorded in the previous 2022/23 season.
Consumption in the 2023/24 season is expected to be 176.95 MMT, which is 0.24% up than previous season. The closing stock in 2023/24 season is projected at 102.26 MMT, 0.69% higher than 2022/23 period.
According to the ISO report, export availability for the upcoming season is 61.559 MMT, around -6.04 per cent lower than current 2022-23 season.
Recently, The Indian Sugar Mills Association (ISMA) had echoed this trend, indicating a projected -3.4% year-on-year decline in India’s sugar production for 2023/24, with an estimated production of 31.68 MMT. This development carries weight as India ranks as the world’s second-largest sugar producer.
