The global sugar deficit in 2023/24 MY is estimated at 1.01 million tons. This will be the end of a three-year period of surplus in the market according to the Australian analytical agency Green Pool.
Global production is expected to decline, especially in India, Pakistan and the European Union. At the same time, consumption is expected to grow, albeit at a slower pace than in the previous season.
The Green Pool forecasts, which are based on national harvest years, show that global production will decline to 192.8 million tons compared to 193.2 million tons in the previous season.
India was expected to record the largest drop in production – by 2.3 million tons, to 34.5 million tons. However, this should be partially offset by production in the central part of southern Brazil, which will increase to 35.8 million tons from 33.65 million tons.
Global consumption is forecast to grow by 1.24% to 192.8 million tons, a slight slowdown from the 1.36% growth of the previous season. And a global surplus of 1.77 mln tonnes in 2022/23 season, compared to 1.44 mln tonnes in the previous season.
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