Brazil's sugar exports increase 50% in the 1st half, shipment data show

Brazilian sugar exports increased by 50% in the first half of 2024 to 15.15 million tons, with Indonesia leading among the main destinations, according to data released this Friday by the maritime agency Cargonave.

Wilmar International, a commodities trading company based in Singapore, was the main charterer of bulk sugar among companies exporting from Brazil, with 16% of what was sold, closely followed by Alvean, with 15%, and Sucden, with 14%. , the data showed.

Indonesia was the destination for 12% of the raw sugar exported by Brazil in the first half of the year, with India receiving 9% and the United Arab Emirates, 8%.

India is the world's second-largest sugar producer, but some of its coastal refineries often import Brazilian sugar for re-export as a refined product.

China, normally the biggest importer of Brazilian sugar, came in a distant 11th place among the main destinations in the first half of the year, with just 588,000 tons.

Brazil will produce less sugar in 2024 than in 2023, according to analysts, but the country had large stocks from last year on hand to keep shipments strong in the first few months of this year, which is traditionally a quieter period for sugar shipments. .

Another reason behind the higher volumes in the first half was the rapid start of sugarcane harvesting and processing of the new crop due to drier than normal weather.

Marcelo Teixeira

Source: Reuters- July 22, 2024