MANILA, Philippines – Raw sugar production as of June 9 inched up by 0.63% from a year ago to 2.067 million metric tons (MMT) or 41.36 million 50-kilogram (kg) bags, preliminary data from the Sugar Regulatory Administration (SRA) showed.
This is already nearing the 2.079-MMT adjusted projected sugar output set by the SRA in early February, as crop year 2018-2019 entered its 4th quarter.
The crop year for the sugar industry begins every September and ends in August of the following year.
The total demand for raw sugar dropped by 17.77% to 1.65 MMT.
Production of refined sugar also slid by 7.73% from a year ago to 784,606 metric tons (MT), while the total demand went up by 5% year-on-year to 912,924 MT.
Millsite prices dropped by 24.87% year-on-year to P1,476.21 per 50-kg bag from P1,964.78. Both wholesale and retail prices also posted double-digit drops.
The sugar industry continues to brace for low supply, after the SRA in 2018 expressed worry over the decrease in field-workers.
After scrapping the allotted sugar for the world market in 2018, SRA Administrator Hermenegildo Serafica said they will be removing the sugar allotted for the United States as well.