Thailand, the world's second biggest sugar exporter after Brazil, has decided to cut its exports of raw sugar by at least 500,000 tonnes this year, as a swelling global surplus has led to sharp falling prices.
Bangkok (VNA) - Thailand, the world's second biggest sugar exporter afterBrazil, has decided to cut its exports of raw sugar by at least 500,000 tonnesthis year, as a swelling global surplus has led to sharp falling prices.
Thailand’s sugar output is forecast to hit a record level of 14.3 million tonnesthis year. Of the figure, 2.6 million tonnes will be earmarked for domesticconsumption and the remainder, more than 11 million tons, is to be exported.
Worawan Chitaroon, Secretary-General of the Office of Cane and Sugar Board (OCSB)said this is the first sugar export reduction plan his board has approved,because this is not a good year for sugar exports.
The OCSB could allocate another substantial amount of raw sugar for localethanol producers if necessary, he added.
According to him, allocatingThailand's 500,000 tonnes of sugar for local ethanol producers could also helpcut production costs. Many of the country's ethanol producers are facing risingcosts as cassava, one raw material used for sugar, is rising in price due tohigher demand from the feedstuff sector.
That has encouraged ethanol producers to switch from cassava to raw sugar, henoted.
Thailand's sugar industry operates under a specific law, which author𝓀ises theOCSB to govern production, domestic⛎ sales and export.-VNA
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