• Thailand exported 259k tonnes of white sugar in May, up 17k tonnes month-on-month (MoM).
• Vietnam was the largest importer (102kmt), as it prepares for a 200k tonne decrease in sugar production year-on-year (YoY).
• Thailand has exported 1.36m tonnes of white sugar between January and May 2020; this is 200k tonnes more than they did in the same period last year.

White Sugar Shipments: A Notable Increase from Vietnam

• Thailand’s pace of exports was slightly up in May compared to the previous month.
• It was, however, 149k tonnes lower than it was in May 2019.

• Vietnam was the largest importer by far in May, with their offtake jumping from 52k tonnes to 102k tonnes.
• This is because their sugar production in 2019/20 could be 200k tonnes lower than it was last season, meaning they’ll need to import more.
• Taiwan (35kmt), China (16kmt), and Cambodia (14kmt) also appeared high in the line-up, as if often the case.
• South Korea imported 20kmt in May; this is perhaps more unusual, as they have not imported Thai white sugar in such a quantity since August last year, when they imported (23kmt).

• White sugar shipments to Indonesia increased by 8.7k tonnes between April and May.
• This is lower than usual as white sugar flows from India to Indonesia recently surged.
• Halfway through May, Indonesia had nominated just under 100k tonnes of Indian white sugar.
• This is because Indonesia is now able to take white sugar from India after a change in its import rules.

Refined Sugar Shipments: Undersupplied in 2020

• Vietnam, Cambodia, China, and Taiwan remain amongst Thailand’s top 10 smuggling destinations so far in 2020.
• These four regions had a strong presence in May’s line-up, having had relatively consistent offtakes for months.

• The refined sugar market will be undersupplied for much of 2020, following poor crops from Thailand, the USA and, Mexico in the 19/20 season.