- 600k tonnes of raw sugar has left Central America already this season; 264k tonnes of this has gone to South Korea.
- The suppliers have been Guatemala (119 kmt), El Salvador (84 kmt), Nicaragua (36 kmt) and Costa Rica (25 kmt).
- We don’t think Honduras will export very much sugar this season, as its cane production has been affected by hurricanes.
Who Has Imported Central American Sugar?
- South Korea has imported 265k tonnes of bulk raw sugar from Central America so far this season, up 50k tonnes year-on-year.
- Historically, Korea turned to Thailand for raw sugar, but is unable to do so this season, following Thailand’s poor cane crop in 2020/21.
- Most of the above origins enjoy duty-free access into South Korea.
- However, Guatemala, the only one that doesn’t benefit from this, has exported more raws there than anyone else (120kmt).
- This is because Guatemala benefits from better freight rates than the other origins, overcoming the duty differential.
Note: You Can Track Global Shipments Using This Interactive Data Tool.
- The first shipment to the UK is also of note; under the Autonomous Trade Quota (ATQ) the UK can now import 260k tonnes of duty-free raw sugar raw any origin.
- However we believe this sugar was shipped under the Guatemalan quota to the UK.
Which Central American Origins Have Exported?
- Central America’s rate of exports have been very strong so far this season, thanks to the void Thailand’s poor cane crop has left in the raw sugar market.
- However, Honduras has barely exported any raw sugar this year, after hurricanes battered its cane crop last season.
- In fact, its only shipment to date has been carried out to meet the quota it has with the EU, and we don’t expect to see any further world market export activity from Honduras this year.
Other Opinions You Might Be Interested In…
Other Interactive Data You Might Be Interested In…
