Philippines: Sugar Annual

FAS Manila forecasts marketing year (MY) 2024 raw sugar production at 1.9 million metric tons (MT). Higher prices encouraged more farmers to plant sugarcane and better fertilization is expected to result in higher production. Post expects limited exports to resume in 2024 given high production and high carryover stocks. Post sees no raw sugar importation as the Philippines government seeks to protect local producers, but forecasts refined sugar imports of 250,000 MT to stabilize consumer prices and provide two months of buffer stocks. Sugar consumption in MY 2024 is expected to rebound by 200,000 MT from the previous year with prices lowering and with ample sugar available in the market.