Sugar prices to be low in Ukraine in 2024-2025 season due to export difficulties - experts

MOSCOW. Aug 14 (Interfax) - There is a drastic drop in selling prices for sugar which stand at UAH 26.5 to UAH 27.5 per kilogram in Ukraine, which is caused by export difficulties rather than by the growth of sugar reserves, Ukrainian media reported with citing the First Ukrainian Agricultural Cooperative (PUSK) expert center under the Ukrainian Agrarian Council.

"Ukraine has exported only 3,000 to 4,000 tonnes of sugar in August, which is critically low compared to 100,000 tonnes exported two months ago. The Ukrainian sugar market is facing difficulties, as we are now fully focused on domestic consumer demand," the experts said.

Experts expect further increase in sugar stocks in Ukraine as domestic production will surge. Amid exports closed to Europe, Ukrainian producers need to look for new sales markets, the experts said.

"Europe will also increase sugar production in the new season, which will complicate the sales of Ukrainian products at the international level. Apparently, Ukraine will have to either pay high export duties or wait for zero quotas by January 2025," Pusk said, adding that prices will be low in the new season.