Sugar export by Brazil is impacted at a time when nations seasonal peak approaches. According to the reports, the country is likely to export 364,339 metric tonnes of sugar in coming weeks, which is comparatively half of the quantity scheduled a year ago. Last year, Brazilian sugar exports tumbled to the lowest since 2008, after abundant global supplies pushed down futures in New York, which forced sugar mills to divert more cane towards Ethanol rather than sugar.
It is citied that demand is weak because buyers are still stuck with sugar stocks following years of global surplus. The government data shows shipments are down 21 per cent in the first half versus the same period of 2018.
As per the Unica report, about 11 per cent less sugar is being produced this year compared to the same period last year.
Recently, Brazil dragged India to WTO over Indian sugar subsidies alleging that it is inconsistent with global trade rules and distorting the sugar market.
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