Thailand, the world’s second-largest sugar exporter after Brazil, last week classified sugar as a controlled commodity and raised prices, taking into account the impact of the drought to maintain food security, reports Nasdaq according to Reuters.
Thailand’s cabinet has approved a 10%or 2 baht ($0.05) increase in domestic sugar prices, Commerce Minister Phumtham Wechayachai told reporters on Tuesday.
The announcement comes just weeks after the government reversed a 20% price increase in domestic sugar prices and classified it as a controlled good, which requires additional approval for exports of over one ton.
“This is appropriate action taking into account sugar cane farmer expenses,” Phumtham said.
Thai sugar output has been hit by drought and the country this year is expected to produce 8 million tons, of which 2.5 million will be consumed domestically and 5.5 million tons will be exported, government data shows. Last year, the country exported 7.69 million tons of sugar.
The following reports may be of interest to you:
Related posts:
Sweet Setback – India’s Sugar Harvest Takes a Dip
Sweet Balance: A Sugary Melody in Global Markets
Sugar Prices Rise on Concerns Thailand May Soon Restrict Sugar Exports
Sugar Exports Remain Under Lock and Key: Ban Continues
India’s Sugar Output Has Fallen by 8%
S&P Global Cuts 2023/24 EU Sugar Output Forecast as Pesticide Ban Bites
Tereos to Close Sugar Plant in Northern France
Larger deficit seen in global sugar supply as India boosts ethanol