Sugar price heads for three - week fall in faltering demand
- Fri, 3 November 2023
The price of sugar fell to a three - week low of K3,750 per viss on weak demand, according to the Yangon Region Chamber of Commerce and Industry (Bayintnaung Commodity Centre).
The price plunged from K3,820 per viss in the domestic sugar market in the first week of October.
However, the prevailing sugar price is still higher than those recorded in the previous years. The sugar price stayed below K1,000 per viss in the 2019-2020 Financial Year.
With the sugar price rising this year, growers are expected to expand sugarcane cultivation, according to the Myanmar Sugar and Cane Related Products Association.
The sugar mills notified the sugarcane growers that they would raise the offering price of sugarcane to K120,000 per tonne in the upcoming 2023-2024 sugarcane season.
Myanmar’s annual sugar production is estimated at 450,000 tonnes. Myanmar earlier sent sugar to China and Viet Nam beyond self-sufficiency. At present, it is delivered to Viet Nam only, the association stated.
Sugarcane is commonly found in the upper Sagaing Region, followed by northern Shan State. It is also found in the western and eastern Bago Region, Yangon Region and Mandalay Region.
The sugarcane is grown in December-January. It can be harvested from November to February of the following years. The sugarcane growing rotation cycle lasts four years in Myanmar.