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Ukraine has purchased raw sugar for $12.5 million to cover deficit

Ukraine has begun importing raw cane sugar at a duty-free quota of 260,000 tons. The first 26,200 tons have already arrived in the country at an average price of $480 per ton.

The Ministry for Development of Economy, Trade and Agriculture said that licenses for the import of 170,000 tons of such sugar have already been granted.

It is also reported that in the 2020/21 marketing year (MY), Ukraine has already imported 67,000 tons of white sugar.

Context. The Ministry for Development of Economy, Trade and Agriculture of Ukraine predicted in March that in 2020/2021 MY, the growth of sugar imports will increase 9 times compared to the previous MY—up to 80,000 tons.

In April 2021, the Ministry stated that Ukraine needs to import 110,000 tons of sugar this season to meet domestic needs after the decline of sugar production in 2020.

The March forecast for sugar production in Ukraine for 2020/2021 MY was estimated at 1.11 million tons, and that is 3.4% less than the forecasts published in February 2021.

For reference. Ukraine produced 5 million tons of white sugar per year during the Soviet era, but has since reduced annual production to around 1 million tons due to declining consumption and competition from cheaper cane sugar.

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