Brazil sugar exports up 50% in the first half, shows shipping data
July 19 (Reuters) -Brazilian sugar exports increased by 50% in the first half of 2024 to 15.15 million metric tons, with Indonesia leading among the main destinations, according to data released on Friday by shipping company Cargonave.
Singapore-based commodities trader Wilmar International WLIL.SI was the main bulk sugar charterer among companies exporting from Brazil with 16% of the trade, followed closely by Alvean with 15% and Sucden with 14%, the data showed.
Indonesia was the destination for 12% of the raw sugar exported in the first half, with India receiving 9% and the United Arab Emirates 8%.
India is the world's second largest sugar producer, but some of its refineries located on the coast usually import Brazilian sugar to re-export as refined product.
China, normally the largest importer of Brazilian sugar, was a distant 11th among the main destinations in the first semester, with only 588,000 tons.
Brazil will produce less sugar in 2024 than it did in 2023, according to analysts, but the country had large stocks from last year available to keep shipments strong in the early months of 2024, which is traditionally a quieter period for sugar loadings.
Another reason behind the higher volumes in the first half was the quick start to the harvest and processing of the new crop due to drier-than-normal weather.
Reporting by Marcelo Teixeira; Editing by Leslie Adler
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