Vietnam cuts 2011 import quota of sugar to 250,000 to
10/01/2011 356
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Vietnam cut the import quota of sugar in 2011 to 250,000 tons, down 50,000 tons from 2010, according to the Circular 45/2010/TT-BCT of the Ministry of Industry and Trade(MoIT).
The ministry allowed local firms to import 150,000 tons of refined and crude sugar input to manufacture; 50,000 tons of crude sugar for sugar factories and 50,000 tons of refined sugar for traders.
The 2010-2011 sugar output is estimated to reach 1 million tons compared with 890,000 tons in the previous 2009-2010 crushing season, while sugar demand would reach 1.2 million tons next year, MoIT said.
The Southeast Asian nation consumes 80,000 tons to 100,000 tons of sugar a month, but demand could jump to 110,000-120,000 tons in the several months before Tet, or the Lunar New Year festival in February, and the mid-autumn festival.
The domestic retail prices of sugar currently stand high at above VND20,000/kg.
Sugar refineries in the Mekong Delta, one of Vietnam’s main sugarcane growing areas, in late September started their five-month crushing season, with shortages of the raw material forecast due to adverse weather and less planting acreage.
Jan 7th, 2011
Source: vietnambusiness.asia
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