To compensate for the rise in sugar production costs from the country’s tax and social security reform, sugar producers in Nicaragua have hiked prices for the sweetener by NIO 15 (US$0.45) per quintal.
Manager of the National Committee of Sugar Producers (CNPA), Mario Amador, said that producers plan to continue to increase sugar prices.
Due to depressed global prices of sugar, Nicaragua’s revenue from sugar exports has declined and put pressure on the industry.
According to reports, Nicaraguan expect to produce more than 17 million quintals of sugar in the 2018/19 season.
