Myanmar is sitting with surplus sugar, which has affected the domestic sugar prices. The sugar, which was meant for export, has remained in the country leading to the sugar prices in the country at a 10-year low.
U Win Htay, Vice-Chair of Myanmar Sugar and Sugarcane Product Entrepreneurs Association said, “The excess sugar in the market has reduced the sugar prices. The farmers are reducing the area under sugarcane cultivation as they are not getting good returns.”
According to the media reports, the country may have a surplus sugar stock of 150,000 tonnes to 200,000 tonnes. The Covid-19 has resulted in the lowering of sugar sale as consumption has been reduced.
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