Sugar prices still high despite price drop in global markets

Business Desk :
Bangladeshi consumers still have to pay steep prices for sugar despite global price declining in the past three months.
The average global sugar price reached an 11-year high in April this year at $650 per tonne, but has since declined to $555 per tonne in July.
Despite the price fall of $90-$95 per tonne in the international market, retail prices of sugar in the local market have remained largely unchanged at Tk140-150 per kg.
The Bangladesh Trade and Tariff Commission (BTTC) said it would review sugar prices with refiners, but a decision has not yet been made.

Meanwhile, a report on Brazilian sugar exports published in Forbes on July 3 said the country raised its shipments by 31.8% in June, with an average price of $485 per tonne.
Sugar exports jumped as the centre-south of Brazil can produce a record volume of the commodity in the 2023-24 season, with the sugarcane crop registering a strong recovery in productivity, a Forbes report said.

The Bangladesh government has also made a deal with Brazil to bring in 12,500 tonnes of sugar at $524.21 per tonne for its subsidized sale, according to media reports.
Bangladesh has a demand for 2-2.2 million tonnes of sugar annually, of which it produces less than 20,000 tonnes.
Despite such dependence on imports, the government realises Tk25 to Tk30 in taxes from each kilogram of imported sugar.