February 8, 2016
Sugaronline | http://goo.gl/mTpQDw
Despite the decline in world market prices for raw sugar, improved marketing strategies were making headways in securing the best possible price for locally produced sweetener, says Fiji Sugar Corporation executive chairman Abdul Khan, according to the Fiji Times newspaper.
"When we look at the price of sugar about four or five years ago, we were getting paid close to F$1100 for every tonne," Khan said.
"From there it went down to F$1000 and two years ago, we were getting paid close to F$700.
"So that was a drop in about 13% for the price of one tonne of sugar that we were selling overseas."
He said in 2015, the price of Fiji's sugar experienced an increase.
"Last year, we were able to increase the amount that we sold our sugar for from F$700 to F$860. And this year, the first two shipments that we exported were sold at F$880."
Khan explained the secret to securing higher prices was to identify the right time for the sale.
"We were able to get that amount because we look at the time of when the price is right to sell our sugar.
"When we were able to get the timing right, the price improved and we were able to share the benefits with the farmers.
"The world market for sugar is not the best but what we want to do is go for that niche market, sell at the right time and get maximum value for our sugar."