IKAR expects Russia’s sugar output to grow by 9.7% in 2023

MOSCOW, Dec 1 (PRIME) -- Russia’s sugar production in the 2023–2024 season that started on August 1, 2023 may grow by 9.7% on the year to 6.8 million tonnes, Yevgeny Ivanov, leading expert at the Institute for Agricultural Market Studies (IKAR), said on Friday during a conference.

“This year Russia got close to a record production of 2019–2020 when it produced about 7 million tonnes (of sugar), and we may produce 6.8 million (tonnes this year),” he said.

In the previous season, Russia made 6.2 million tonnes of sugar.

Ivanov also said that production creates conditions for replenishment of the state intervention fund, but the government is yet to launch the mechanism on the sugar market. This is not great, because after the 2019–2020 season, the country’s sugar production plunged to 5.2 million tonnes, which is below the consumption level of 5.8 million tonnes, and only commercial stocks of sugar allowed the sector to weather the season, he said.

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