Sugar Prices Rise Worldwide after Weather Damages Crops in Asia
- Global sugar prices have reached their highest levels since 2011 due to lower supplies caused by droughts in India and Thailand, leading to higher costs for consumers.
- The United Nations predicts a 2% decline in global sugar production in the 2023-24 season, resulting in a shortage of about 3.5 million metric tonnes. Sugar reserves are at their lowest level since 2009, with only 68 days of supply available worldwide.
- Import-Dependent countries, particularly in sub-Saharan Africa, are facing food insecurity and currency reserve strains from importing more expensive sugar. Kenya, once self-sufficient, now imports 200,000 metric tonnes per year.
60 Articles
60 Articles
Sugar prices are rising worldwide after bad weather tied to El Nino damaged crops in Asia
Skyrocketing sugar prices left Ishaq Abdulraheem with few choices. Increasing the cost of bread would mean declining sales, so the Nigerian baker decided to cut his production by half. For scores of other bakers struggling to stay afloat while enduring higher costs for fuel and flour, the stratospheric sugar prices proved to be the last straw, and they closed for good. Sugar is needed to make bread, which is a staple for Nigeria’s 210 million pe…
This year, sugar reached its highest global price level since 2011, due to adverse weather conditions in India and Thailand, two major sugar exporters. This increase has devastating consequences for developing countries that are already suffering from food shortages and trade restrictions.
Sugar prices rising worldwide after bad weather damaged crops in Asia
Skyrocketing sugar prices left Ishaq Abdulraheem with few choices. Increasing the cost of bread would mean declining sales, so the Nigerian baker decided to cut his production by half. For scores of other bakers struggling to stay afloat while enduring higher costs for fuel and flour, the stratospheric sugar prices proved to be the last
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