December January and February are the season for harvesting, so prices may fluctuate when a new tooth enters the market.
At present, Vietnam is buying Burmese sugar. Due to the high price of foreign sugar and the high dollar, the import of sugar has decreased. Sugar traders say domestic sugar prices have remained strong without falling due to restrictions on importing sugar.
A businessman said: “We expect the price of sugar to fall as domestic consumption declines slightly. “However, although domestic sugar prices are usually cold at this time, prices remain strong this year.”
Due to high sugar prices and declining imports, some local sugar producers are now buying only local sugar.
Last year, the local price of sugar was around 900 kyats per pisa, and this year the price of sugar is around 1,800 kyats per pisa.
Sugar mills have paid between 55,000 kyat and more than 60,000 kyat per tonne of sugarcane at the factory this year. This is a price that farmers can afford.
Due to the high quality and production cost, refined sugars that are not enough to be produced by local sugar mills are allowed to be imported and screened according to the needs of local companies.
The Myanmar Investment Commission (MIC) recently approved the import of commercial sugar.
This is to reduce unnecessary sugar imports. Traders believe that the aim is to focus on locally produced sugar.
Thailand and India import sugar for commercial use in Myanmar. However, the smuggling of sugar across the Thai border has hurt local sugar production and sugarcane farmers.