Venezuela: Sugar Annual
In MY 2021/22, Venezuelan sugar production is projected upwards to 190,000 MT. The dollarization of the economy has also been implemented in the sugar sector. Dollar payments instead of devalued bolivars, to both producers and industry, have created a motivation to produce more sugar, despite challenges from diesel shortage and adverse weather conditions. Brazil continues to be the main supplier of sugar to Venezuela. The regime's decision to prioritize imports of raw sugar over refined sugar, and to allow the private sector to import will boost sugar imports in MY 2020/21 and it is expected to maintain in MY 2021/22. In MY 2021/22, FAS Caracas forecast a 73 percent increase in domestic consumption to 510,000 MT driven by increasing production and imports.