Sugar inventories up over 56,000 tonnes
Sugar inventories up over 56,000 tonnes
Sugar inventories in the first half of this year rose 56,430 tonnes over last year to 548,940 tonnes, according to the Ministry of Agriculture and Rural Development.
Statistics from the ministry indicated that as of the middle of June, the sugar sector produced 1.58 million tonnes of sugar, about 55,000 tonnes more than during the same period last year.
Further, the country's total sugar consumption during the six month period was 958,330 tonnes, 58,490 tonnes higher than the corresponding period last year. Of this, domestic consumption was more than 777,000 tonnes, while total exports were 184,320 tonnes.
Additionally, the ministry forecast total sugar supplies in the second half of the year would reach some 926,000 tonnes, including inventory of 548,940 tonnes, local production output of 300,000 and imports of 77,300 tonnes.
Sugar consumption in the second half of the year was estimated at 675,000 tonnes.
By the end of 2014, total sugar inventories are expected to reach 251,240 tonnes.
Also, the ministry has asked the Ministry of Industry and Trade not to extend sugar export licences granted in the first half of the year, as well as new licences.
It also proposed to the Government to only allow temporary imports and exports of sugar at main border crossings to facilitate domestic sugar production and trading.
Sugar prices in June rose VND300-500 (US$0.014-0.023) per kilo, in comparison to the previous month. The price of one kilo of sugar, including value-added taxes for stocks in the north was VND12,500-13,000 ($0.6-0.62), while those in the central region and the south were VND12,400-13,000 and VND13,000, respectively.
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