Ministry of Agriculture, Food and Rural Affairs: "CJ CheilJedang Secures About 4 Months' Supply of Sugar and Raw Sugar... No Impact on Confectionery and Bakery Prices"

Checking Sugar Inventory at Incheon 1 Plant
Request for Cooperation on Price Stabilization
"Will Discuss Extension of Quota Tariff Application on Raw Sugar"

On the 24th, Kwon Jae-han, Director of the Agricultural Innovation Policy Office at the Ministry of Agriculture, Food and Rural Affairs, visited the Incheon Plant 1, a sugar factory of CJ CheilJedang, the leading company in the domestic sugar market, to check the sugar inventory status and listen to the difficulties faced by the company.

Earlier, on the 19th, the Ministry of Agriculture, Food and Rural Affairs stated in a press release that although international sugar prices remain high, the impact on domestic sugar prices will be minimal for the time being. The Sugar Refiners Association also announced in a statement that it will refrain from raising prices until early next year as much as possible.

At the on-site meeting, a CJ CheilJedang official said that the rise in international raw sugar prices is increasing the company's cost burden and requested continued government support, such as maintaining the allocation tariff on raw sugar. In response, Director Kwon said, "We will consult with related ministries on extending the application of the raw sugar allocation tariff (from 3% to 0%)."

Director Kwon added, "It has been confirmed that CJ CheilJedang has already secured about four months' worth of sugar and raw sugar," and "Since the sugar refining industry also plans to refrain from raising prices until early next year as much as possible, there will be no impact on the prices of sugar-demanding food products such as confectionery and bakery products due to sugar prices."

(Photo)

This content was produced with the assistance of AI translation services.