News
24.09.2009
Economy ministry forecasts 300,000 tonne deficit of sugar in Ukraine in March-August 2010
The deficit of sugar in Ukraine in the second half of the 2009/10 marketing year (the marketing year starts from September 1) will be at least 300,000 tonnes, the Ukrainian economy ministry has reported.
In an explanatory note to draft amendments to the procedure for determining tariffs for imports of raw sugar-cane the economy ministry estimated the current stocks of sugar on the domestic market as of September 1 at 0.6 million of tonnes, which is almost 1.6 times less than in the same period in 2008.
"According to the Agriculture Ministry, sugar production from Ukrainian sugar beet will be about 2 million of tonnes in the current 2009/10 marketing year," the document said.
According to the ministry, the situation is becoming difficult because of the deficit of sugar on the world markets, as is natural for this season, and in connection with the doubling of the price of sugar since the beginning of the year (up to $496 per tonne in New York and $558 per tonne in London). According to analysts, the price has yet to reach its maximum).
The economy ministry proposed to introduce amendments to the procedures of assessing tariffs for the import of raw sugar-cane to Ukraine, which will allow the start of assessing tariffs and issuing import licenses.
lexisnexis.com
