Amid surging global sugar prices, Thai officials are taking steps to ensure an adequate supply of sugar in the country, reports Bangkok Post.
Ekapat Wangsuwan, secretary-general of the Office of the Cane and Sugar Board (OCSB) said that the government is cautiously monitoring global sugar prices after India decided to restrict sugar exports.
For the first time in six years, India imposed restrictions on sugar limiting the exports up to 10 million tonnes to maintain sugar prices in its domestic market.
“The global sugar prices are likely to increase from existing 19 to 20 cents per pound,” said Ekapat.
Brazil, the world’s second largest sugar producer, has started diverting more cane towards ethanol production as biofuel giving them more margin compare to sugar, which may increase global sugar prices.
“We are prepared to ensure that there is enough sugar to cater to the domestic need,” added Ekapat.
Government is focusing more on domestic sugar demand, therefore OCSB is confident Thai exports of sugar will not greatly increase even as global prices rise.
