Frosts and drought have impacted the sugarcane crops in Brazil which may result in lower sugar output. Speaking on the export front, then the country has registered a decline in it.
According to the news report published in terra.com.br, the country exported 2.469 million metric tonnes of sugar in July which is 25 per cent lower compared to the same period last year. The revenue from the sugar exports were US$813.07 million in July which is 10.8 per cent lower than June and 10.7 per cent down year-on-year.
The sugar exports fell 10.2 per cent in comparison to the June month, as per the data released by the Secretariat of Foreign Trade of the Ministry of Economy on August 2.
As per the news report published by Reuters, due to frost and drought in Brazil, buyers are securing supplies by signing contracts in advance from the South Asian country.