Fiji’s Minister for Sugar, Charan Jeath Singh, has highlighted a significant increase in the country’s sugar export prices that began after 2021, reaching a peak in 2023 before experiencing a slight decline this year, yet still remaining above pre-pandemic figures. In a response to a parliamentary inquiry, Singh provided statistical insights indicating that the average export price per tonne surged from $727 in 2020 to a peak of $1,485 in 2023, and is projected to settle at $1,088 in 2024.
The minister attributed this trend to fluctuations in global market conditions, stating, “Export sugar prices are driven primarily by global supply and demand dynamics.” He elaborated that during the initial two years of the pandemic, sugar prices were relatively stable, but by 2022, they began to rise sharply due to reduced global sugar production, increased ethanol demand, and heightened international interest in sugar.
According to Singh, the easing of prices in 2024 can be attributed to a recovery in supply, although they remain elevated compared to the levels observed in 2020 and 2021. He made a point to clarify that the figures shared pertain solely to sugar exports and do not account for domestic or regional sales. Singh emphasized that the calculation of the final cane price for farmers takes into consideration all income streams, including export, regional, and domestic sales, as well as molasses revenue.
The Minister expressed confidence that the sugar industry is closely monitoring global trends to stabilize production and enhance returns for growers. This proactive approach suggests a hopeful outlook for the sector, with the intention of maximizing benefits for local farmers and fostering resilience amidst the changing dynamics of the global sugar market.
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