Ministry of Agriculture, Food and Rural Affairs: "International Sugar Prices Will Remain High for a While... Limited Impact on Domestic Prices"

The Ministry of Agriculture, Food and Rural Affairs announced on the 18th that although international sugar prices are expected to remain high for the time being, the possibility of a rise in domestic sugar prices due to this is extremely low.

As of the 13th, the international sugar price was $727 per ton, which is 35.0% higher than last year. The Ministry attributed this to the Indian government's potential reduction of sugar export quotas and the forecasted decrease in raw sugar production in Thailand next year, expecting international sugar prices to maintain their current high level for the time being.

However, the Ministry expects the impact of the current high international sugar prices on domestic sugar prices to be minimal. A Ministry official explained, "According to confirmations with sugar refining companies, they raised the sugar prices supplied domestically from June to July reflecting international prices, and currently, these companies have secured about 4 to 5 months' worth of inventory."

The Ministry will continue to promote tariff quotas on sugar and raw sugar, closely monitor international sugar price trends, and manage the situation to minimize the impact of international sugar prices on domestic food prices.

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