For decades, China has been one of the world’s major importers of agricultural products. This year, the Chinese authorities are planning to boost the import of sugar. In particular, China is planning to increase the import of sugar from Latin America, simultaneously reducing the import of the sweet commodity from Australia and New Zealand.
At this point, Brazil and some countries of Central America have already shipped 100 000 tons of raw sugar. Next month, China is planning to import 150 000 tons more.
The import of sugar is slightly beneficial for China because a ton of domestic sugar costs 546 renminbi more.
Over the first 3 months of the current financial year, China has already exported 735 000 tons of sugar.
Meanwhile, yesterday the March sugar futures (NYMEX) appreciated by 1.7% up to $18.69 per pound.
