August 27, 2015
Sugaronline | http://goo.gl/ifbWcf
The Philippines will aim to produce 2.27 million tonnes of raw sugar in the crop year beginning Sept. 1, all to be allocated to the local market where demand is projected to be about 2.25 million tonnes, according to Reuters.
Raw sugar output in the 2014/15 crop year had hit 2.32 million tonnes as of Aug. 2, government data showed, below a forecast of 2.47 million tonnes announced in March due to unfavorable weather.
Output in the new crop year is expected to be weaker because of bad weather and a reduced area for growing sugarcane, the Sugar Regulatory Administration (SRA) said on its website on Thursday.
The SRA announced in June that it was reallocating sugar intended for export to the domestic market to ensure stable local supply and prices, a move that effectively halted Philippine exports to key markets, chief among them the United States.
The agency has not allocated any volume for exports from output in 2015/16.
Though a minor player in the international sugar market due to its high production costs, the Philippines is the world's 8th largest sugarcane producer and the third largest U.S. sugar tariff rate quota recipient.