Brazil's sugar exports hit record high in 2024, government says
By Roberto Samora
SAO PAULO, Nov 6 (Reuters) -Brazil's sugar exports reached a record high in 2024, exceeding the peak posted last year, according to government data, as the country expanded its share of the global sugar trade due to the absence of India.
Brazil, the world's largest sugar producer, exported 31.7 million metric tons of the sweetener from January through the end of the fourth week of October, according to data from the Trade Ministry. The amount already exceeds the 31.3 million tons exported for all of 2023.
The sugar export prohibition adopted by India, the world's second-largest producer, brought more demand to the South American country, which increased its share of the global trade to around 70%, said consultancy Argus, commenting on the data.
Indonesia sharply raised purchases and became the largest destination for Brazilian produced sugar, surpassing China, according to the official data. Egypt and the United Arab Emirates also expanded imports from Brazil.
Brazil is on track to produce a smaller sugar crop in 2024, but inventories from the record crop in 2023 allowed the country to have a robust line-up of loadings in ports earlier this year.
"With India out of the international export market, Brazil sent more sugar volumes to both India and other places that used to import from the Asian country," Argus said.
From January to September, Brazil exported 2.2 million tons of sugar to India, up 72% compared to the same period last year.
Exports to Indonesia totaled 2.6 million tons in the first nine months of the year, approximately triple the volume shipped between January and September of 2023.
Brazilian exports to the UAE almost tripled in nine months to approximately 2.1 million tons, compared to 731,800 tons in the same period last year.
Egypt imported 1.6 million tons of Brazilian sugar through September, more than double the same period last year.
Reporting by Roberto Samora; Writing by Marcelo Teixeira; Editing by Paul Simao
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