POSITIVE PROSPECT FORECASTED ON FIJI SUGAR SALES TO OVERSEAS MARKETS FOR 2023 PRODUCTION SEASON

The Honorable Minister for Multi Ethnic Affairs & Sugar Industry, Mr. Charan Jeath Singh, met with Mr. John Ireland, the Associate Director for Czarnikow Company, to explore pathways and opportunities for Fiji’s sugar export markets. Mr. Ireland has projected a positive outlook for the sale of Fiji sugar in the upcoming 2023 production season. Czarnikow Company is presently the main broker for the export of raw sugar from Fiji to foreign markets.

The positive sales forecast was attributed to strong sales trend observed in the previous year (2022), which was the best in recent years. Additionally, there has been a gradual and consistent increase in global sugar prices, along with improvements in economic performance worldwide. The global sugar market is currently at an eleven-year high and is one of the highest in comparison to previous years, with increasing global consumption being another contributing factor. Moreover, the tightening situation in Europe’s sugar markets, due to changes in crop volume and policy, is expected to boost demand and imports. This will lead to a better commercial premium for Fiji sugar in the EU market.

In addition to marketing Fiji’s raw sugar, Mr. Ireland stressed the importance of the Fiji sugar industry focusing on investments in ethanol production and power cogeneration. This area of investment has proven to be a significant source of revenue for major sugar-producing countries such as Brazil and India.

Minister Singh emphasized that his Ministry’s priority was to boost sugarcane production, and one approach under consideration was to provide incentives to growers based on their yield output. This measure would encourage growers to increase their cane production.

Once the domestic supply was fulfilled, all sugar produced in 2022 was exported to overseas markets. Fiji exports its raw sugar to several Asian markets such as Japan, Malaysia, Korea, and China, as well as the United Kingdom and the United States. Notably, the United States market purchases Fiji sugar at 25 to 30 percent higher than the world sugar price.

The meeting was also attended by the Permanent Secretary; Mr. Yogesh Karan and Chief Executive Officer for Fiji Sugar Corporation; Mr. Bhan Singh.