Vietnam expects recovery of sugar industry this year

Vietnam: The sugar industry expects that the business would rebound this year due to the higher sugar prices and anti-dumping measures taken on cane products originating from Thailand, reports Ein News.

Raw sugar futures were at a 6-year high at US 22 cents a pound on February 27. The average raw sugar price in February was US 20.23 cents a pound, compared to US 18.87 cents per pound in January and 18.93 cents in December 2022.

The average sugar price was US 18.5 cents per pound during the first ten months of 2022 as per the Food and Agriculture Organisation of the United Nation.

The raw sugar futures in the international markets were traded at US 21.14 cents per pound. The prices of Vietnamese sugar increased by 8-10% year-on-year in 2022 following the increase in global sugar prices.

The prospect of sugar products is likely to improve following the strong rally of sugar prices in the first month of 2023.


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