The Philippines is nearing the resumption of raw sugar exports to the US with a proposed draft sugar order facilitating the shipment of approximately 24,700 metric tons of the commodity.
This move aims to meet trade obligations after two consecutive crop years without exports due to low domestic production.
The Sugar Regulatory Administration (SRA) did not allocate raw sugar for US exports at the start of the current crop year due to projected low output exacerbated by El Niño.
The US granted a 24,700 MT quota for fiscal year 2024, reflecting the Philippines’ commitment as a trade partner under the tariff-rate quota system.
This export initiative is seen as a strategy to stabilize domestic sugar prices amid fluctuating market demands.
Source: PhilNews24 | July 10, 2024
