- Central America has exported 1.1m tonnes of raw sugar so far this season.
- Its exports should slow, now the March Expiry’s delivery window has passed.
- 211k tonnes of raw sugar was nominated for shipment last month, but it now has little remaining.
Which Central American Origins Have Exported Raws?
- Central America has exported 1.1m tonnes of raws so far this season.
- The suppliers have been Guatemala (421kmt), El Salvador (325kmt), Nicaragua (207kmt), Costa Rica (111kmt) and Honduras (40kmt).
Who Has Imported Central American Sugar?
- South Korea remains the stand-out home for Central American sugar this season and has taken more than 438k tonnes to date.
- This is because Thailand’s poor cane crop forced Korean refineries to look for other origins.
- The US has also been a key destination via the Raw Sugar Tariff Rate Quota.
- More surprisingly, we’ve seen Malaysia (76kmt) and New Zealand (47kmt) import Central American raws.
- We’d usually expect both to take sugar from Thailand or Australia, as they are much closer, which reduces freight costs.
What’s Next for Central America?
- Central America’s raw sugar exports should drop, now the March Expiry’s delivery window has passed.
- It delivered a lot of its sugar to the March as the spread was trading at around an 80-point premium in the run up to expiry.
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