Nairobi: Sugar prices in Kenya fell in February due to a significant increase in local sugarcane milling, according to data from the Sugar Directorate, reported Capital Business.
According to the latest figures from the Sugar Directorate, millers processed a total of 755,996 metric tons (MT) of sugarcane in February, marking an increase from 713,513 MT in the previous month. This surge in production was further supported by the lifting of a five-month ban on the harvest of immature canes in November of the preceding year, allowing crops to reach full maturity and thereby bolstering yields.
The Directorate noted in a statement that wholesale prices in February 2024 declined to an average of Ksh 6,969 per 50kg bag, representing a 4% decrease from Ksh7, 267 per 50kg bag in January 2024.
The heightened local output had a tangible impact on sugar imports, which decreased by 14% to 42,381 MT from 49,510 MT. Specifically, in February 2024, CIF Mombasa landed values for imported White Refined Sugar averaged Kshs121,246/tonne compared to Kshs106,658/tonne for Mill White/Brown sugar.
Moreover, the data indicates a notable increase in the production of molasses by 18% to 31,053, resulting in a 32% reduction in the cost of the product to Sh29,536 per ton.
