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Sugar stockpile could sweeten exports

Aug 6th at 13:37
06-08-2013 13:37:27+07:00

Sugar stockpile could sweeten exports

The Ministry of Industry and Trade (MoIT) is considering giving permission to export unsold stockpiles of sugar, according to Tran Thanh Hai, deputy director of the Import-Export Department, at the ministry's press conference yesterday.

 

Statistics showed that the sugar inventory in June reached 492,000 tonnes, 179,000 tonnes higher than the same period last year.

Hai estimated that the amount of sugar to be consumed in the country from July to October would be around 270,000 tonnes, leaving the unsold inventory at 220,000 tonnes, not to mention the minimum imported sugar amount in accordance to the World Trade Organisation's regulations.

At the end of last month, the Ministry of Agriculture and Rural Development sent the sugar export proposal to the MoIT.

The 2013-14 sugar crop started this month. The agricultural ministry said that the output for this crop would meet and even exceed the demand from November.

Nguyen Hai, general secretary of the Viet Nam Sugar and Sugarcane Association, said that high inventories burdened sugar enterprises while smuggled sugar was also a headache.

According to the General Department of Customs, more than 100 cases violating regulations about temporary import for re-export of goods have occurred, totaling 13,805 tonnes and fines of VND2.432 billion (US$115,810). 

vietnamnews

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