Global sugar production has increased, but supplies are unstable.

Global sugar production increased by 2.8 million tons

In the results of the 2023/24 marketing year, sugar production in the world increased by 2.8 million tons to 186.6 million tons. The main growth was ensured by China, India, and Thailand, which compensated for the decline in production in Brazil. Sugar consumption also reached a record level due to increased demand in India. Thailand increased export volumes, but total global export decreased due to production decline.

The largest sugar exporters are South Africa, and the main supply directions are Malaysia, South Korea, and the United Kingdom. South Africa has imposed a double duty on sugar imports to support its own industry. Most imports in the European market are made from Eswatini through duty exemption.

Growth of sugar production in November

Sugar production in the world increased in November by 332 thousand tons and amounted to 183.8 million tons. Significant growth was recorded in Turkey due to favorable weather.

Global imports increased by 3 million tons to 59.9 million tons. Particularly significant increases occurred in Egypt, the UAE, and Libya.

Global exports decreased by 4.9 million tons and amounted to 63.3 million tons. The main reason for this is the reduction in supplies from Thailand.

Global ending stocks increased by 8.2 million tons to 80.4 million tons. Stocks in India rose by 1.2 million tons, and in Thailand almost doubled.

Tough market situation

Despite the increase in production, the sugar market remains challenging due to price fluctuations, declining exports from major countries, and the volatility of stocks in regions. Countries are using increased duties and domestic policies to protect their producers and stabilize the industry.