New York: The U. S. Department of Agriculture (USDA) is expecting that there will be a rise in sugar imports and a reduction in sugar consumption in the country, reports Reuters.
USDA has released its monthly supply and demand report projecting the U.S. sugar imports at 3.42 million short tonnes (ST) in 2023/24, up from 3.35 million ST seen in the preceding month.
The decision taken by the government to increase the lower-tariff import quota (TRQ) would lead to an increase in imports. The government has not yet released the details about how it will distribute an additional quota of 125,000 metric tons among the supplying countries.
Sugar consumption estimates have been lowered by 75,000 ST by USDA.
The stock-to-use ratio, a key indicator of the supply level, rose to 13.4% from 10.6% in June after the production was increased by around 70,000 ST by the USDA.
