China has a plan to increase the import of Ukrainian sugar

Wednesday, April 21, 2021
China has a plan to increase the import of Ukrainian sugar

Sugar production in Ukraine in the current season will be at the level of 1.2 million tons, which will fully meet the needs of the domestic market

The high level of sugar import will be confirmed by the increase in sugar consumption in China. Sugar consumption in China will grow by 0.9% annually, reaching 16.44 million tons in 2030. Domestic sugar production will also increase to 11.35 million tons over the next 10 years, the report said.

China's sugar self-sufficiency is consistently around 70 to 80 percent, and most of China's sugar imports come from Southeast Asia, South America and India, according to Ma Wenfeng, a senior analyst at Beijing Orient Agribusiness Consultancy.

China's sugar production remained stable, but since the import tariff was abolished early last year, imported sugar is beginning to gain more share of the Chinese market.In May 2020, China abolished the additional duty on sugar imports, reducing the import duty on sugar from 95 to 50%.

The price of sugar in China is higher world's average prices. Increasing imports are likely to encourage local sugar companies to improve production technologies and reduce costs.

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