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The sugar industry in the Philippines is expected to thrive further, despite the anticipated decrease in sugar production in major sugar-producing countries, according to the Sugar Regulatory Administration (SRA).
According to SRA administrator Pablo Luis Azcona, countries like India and Thailand are expected to reduce their sugar exports, which could result in favorable prices for the local sugar industry. Azcona stated that Thailand, in particular, is projected to decrease its production by 30 percent, marking the lowest in a decade.
Furthermore, India, while declaring a non-export stance this year, might still export up to one million tons to meet their domestic requirements. Azcona expressed concern over potential trade manipulation, as the prices in the world market have been driven up by these two significant sugar exporters, while the local farmgate prices dropped recently.
It’s worth noting that, based on Sugar Order No. 1 issued on September 11, an estimated 1.85 million tons of raw sugar production are expected for the crop year 2023-2024.
