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Ukraine exports 117,900 tons of sugar in ten months
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16 July 2012
Ukraine exported 117,900 tons of sugar from September 2011 to June 2012, which was an unprecedented figure over the last decade.
A large share of sugar exports accounted for the spring-summer period, during which the country exported 90% of the said amount to foreign markets, the Ukrainian Agribusiness Club Association told a UKRINFORM reporter.
"The trend towards the resumption of grain exports from Ukraine is partly forced due to a fall in domestic prices and partly legitimate according to the results of the development of the beet sugar complex in recent years. After all, there are all prerequisites in Ukraine to produce competitive sugar on the global market, starting with relatively favorable weather conditions for the growing of sugar beets and ending with the presence of leading companies that constantly invest in improving the efficiency of sugar beet and sugar production. The establishment of export supplies is also an important factor in balancing foreign trade, which also helps balance fluctuations in domestic production," the association's expert in agricultural markets, Taras Vysotsky, said, while commenting on the situation in the sector.
According to the association, as of July 12 the wholesale price of sugar in Ukraine was about USD 625 per ton (while on the London Stock Exchange it was USD 650.8 per ton).
Despite the pessimistic mood of sugar market regarding the prospects for sugar exports at the beginning of the season, a favorable global pricing environment and a reduction in Ukrainian prices caused by the surplus in domestic balance helped Ukraine regain its status as a net exporter of sugar in the current year.
According to forecasts made by the Ukrainian Agribusiness Club Association, Ukraine will produce about 1.8 million tons of beet sugar in the next marketing year, which, taking into account the large current ending stocks, will be sufficient to fully meet domestic demand without the need to import raw sugar. These volumes will also help preserve Ukraine's presence on foreign markets and ensure supplies to countries that currently import Ukrainian sugar.
Source: State Export Support
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