THE price of sugar has spiked since April-end, on account of the low stockpile and Kyat weakening against the US dollar in the local forex market.
The sugar fetches K1,750 per viss (a viss equals 1.6 kilogrammes or 3.6 pounds) at present. After the sugar cane offseason, the price is gradually increasing in the domestic market. Moreover, some traders manipulate the price on low stockpiles, according to Mandalay wholesale market.
Last year, the low demand forced some sugarcane growers to turn to other crops for cultivation.
The sugarcane growers are receiving a good price of K55,000 per tonne for now.
The stock of sugar has become lesser. Additionally, sugar import is rarely found in the meantime. Sugar price has surprisingly risen this year in the international market. The domestic sugar market also sees the price rise accordingly, the Sugar and Sugarcane Related Products Association stated.
Sugarcane covered 438,420 acres in the country last year from 2019-2020. Myanmar’s sugar production was reduced by about 100,000 tonnes this year, the Agriculture Department stated.
Myanmar produced about 450,000 tonnes of sugar from 440,000 acres of sugarcane plantations in the 2014-2015 financial year, over 390,000 tonnes from 390,000 acres in the 2015-2016 FY, over 370,000 tonnes from 400,000 acres in the 2016-2017 FY, over 500,000 tonnes from 400,000 acres in the 2017-2018 FY, and 500,000 tonnes from 500,000 acres in the 2018-2019 FY.
Sugar cane prices were pegged at over K50,000 per tonne in the 2015-2016FY, K45,000 in the 2016-2017FY, K41,500 in the 2017-2018FY, K38,000-40,000 in the 2018-2019FY and K40,000 in the last FY2019-2020, according to the news released online by the Ministry of Commerce.— KK/GNLM