As per reports from the Bayintnaung Wholesale market, there has been a notable upward trend in sugar prices lately. Starting from K4,470 on April 1st, the price has risen to K4,600 by April 23rd within the domestic sugar market, marking an increase of K130 over three weeks. The price hike is due to a scarcity of sugar imports and increased manufacturing expenses, say the sugar traders.
Despite the hike, the global sugar market has witnessed a downward trend, as stated in the report.
In Myanmar, sugarcane cultivation spans approximately 450,000 acres. The primary regions for sugarcane cultivation are the upper Sagaing Region and northern Shan State, with smaller-scale cultivation also occurring in the western and eastern Bago Region, Yangon, and Mandalay.
Previously, Myanmar’s surplus sugar, surpassing domestic consumption, was exported to China and Vietnam. However, this year, exports are solely directed to Vietnam, according to the Myanmar Sugar and Sugarcane Related Association.
