Venezuela: Sugar Annual
Link to report:
Sugar production in Venezuela for MY 2022/23 is forecast to increase by 39% to 265,000 MT. The increase is primarily due to yield gains as a result of better access to quality inputs and a reduction in diesel shortages, as well as more favorable prices for producers. The sugar sector has also improved its profit margins, allowing producers to permanently invest in upgrading mills and renewing plantations. As Venezuela’s sugar milling industry recovers and the Maduro regime favors the importation of raw sugar over refined sugar (raw sugar imports continue to be exempt from tariffs), Post forecasts a drop in refined sugar imports by over 70% in MY 2022/23 and an increase in raw sugar imports of 33%.
