Russia should assess new opportunity for sugar exports, expert says

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Russia should assess new opportunity for sugar exports, expert says

Russia should assess new opportunity for sugar exports, expert says – RIA Novosti, 04/12/2023

Russia should assess new opportunity for sugar exports, expert says

The potential shortage of sugar on the world market provides a new opportunity for the development of this branch of the Russian agro-industrial complex and increased exports, reports RIA Novosti… RIA Novosti, 04/12/2023

2023-04-12T18:11

2023-04-12T18:11

2023-04-12T18:11

economy

Russia

Brazil

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MOSCOW, April 12 – RIA Novosti. The potential shortage of sugar on the world market provides another opportunity for the development of this branch of the Russian agro-industrial complex and increased exports, Albina Koryagina, a partner at the consulting firm NEO Center, told RIA Novosti. On the eve of world sugar prices updated to the highest in the past 12 years: the cost of white sugar futures on the London Stock Exchange hit $705.5 a tonne, and at the open on Wednesday was $706. The price hike was driven by concerns over supply issues from Brazil, which may not be exporting as much as expected at the start of the season, Bloomberg wrote. “The problem of using already finite volumes of food products as a source of energy has arisen for already twenty years. The production of fuel from vegetable oils, cereals, sugar cane, etc., in the context of the fact that the growth of the population of the Earth exceeds the growth of food production on a global scale – all this seems at least short-sighted, “said Koryagina. In the meantime, she adds, because of the momentary political and economic benefits, this process will continue.” This is an objective global reality that in some other unimaginable way will once again work in our favor. We will be one of the beneficiaries of this unreasonable redistribution of the planet’s resources. We can and must compensate for the drop in the supply of sugar on the world market”, believes the expert. She noted that there are always exports, but these are often low added products – beet pulp, not sugar. Added to this is a fundamental problem of total dependence on imports of seed stocks: at least 95% of sugar beet seeds are purchased abroad. But in the Russian Federation there is high-quality seed material of domestic production: according to Koryagina, the only problem is to replicate successful domestic developments through the development of a network of seed farms. As for the domestic market, sugar made from last year’s crops and even the previous year’s is sold, and the price of sugar to the end consumer is relatively stable, she added. while noting the increase in wholesale prices at this time. White beet sugar production in Russia in 2022 increased by 1.5% to 6.02 million tonnes.

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Russia

Brazil

2023

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economy, russia, brazil

Russia should assess new opportunity for sugar exports, expert says