The price rise during the time of sugar mill operations is unparalleled, which is the first ever event in history, Ko Phyo, a trader who sends the goods to other regions, told The Global New Light of Myanmar (GNLM).
The sugar prices continued to increase in the second week of March 2024. The wholesale prices were K4,200-K4,300 per viss on 12 March. As demand surpasses the supply in the Mandalay market, traders raise the sugar price.
The opening price of the new sugar at the end of 2023 was K3,900 per viss, and two months later, the price moved up to 4,300 per viss.
When the closing season of the sugar mill approaches, the price will remain on an upward trend. The traders, therefore, forecast price escalation. Nonetheless, jaggery prices hit K5,000 per viss, which is higher than sugar prices. Only sugar cane candy prices are cheaper than sugar.
The sugar price is the most volatile in 2024. When the sugarcane price increased to three folds in 2024 compared with that of 2019, the sugar price rose to five times higher.
Sugar produced from two mills in Shan State is seen in the market. The sugar output is estimated at 500,000 tonnes per year. The domestic consumption of sugar is around 450,000 visses. The remaining is sent to external markets. Thus, there is a high chance of a rise in the price of sugar in the market, while sugar imports are unlikely to happen. Shan garlic and sugar hit a record high in Yangon’s market this year. — TWA/EM
