For the first time since 2021, the Philippines is exporting raw sugar to the United States to meet its quota of 25,300 metric tons and participate in future import programs.
The cargo vessel Tate J, carrying the raw sugar, departed from Bredco Port in Bacolod City on Tuesday. It is expected to arrive in California in about a month.
The shipment was delayed by a day due to adverse weather conditions. SRA Administrator Pablo Luis Azcona noted that the export will help balance the domestic sugar supply as milling begins in September.
Although traders are selling the sugar at a loss, the opportunity to import refined sugar is expected to provide some financial recovery.
Source: PhilNews24 | September 4, 2024
