Australia: Sugar Semi-annual

FAS/Canberra’s sugar cane production estimate for Australia is revised downward for marketing year (MY) 2023/24 to 31.0 million metric tons (MMT). A very late finish to the MY 2023/24 harvest combined with a bigger-than-usual tropical wet season has significantly impacted overall production. The sugar content of the sugar cane harvested so far (nearly half the estimated crop) is a little below average and shows signs that it may fall further behind the average by the end of the season. With these combined impacts, the sugar production estimate for MY 2023/24 has been reduced by seven percent to 4.1 MMT. Raw sugar exports for MY 2023/24 are also downward revised to 3.2 MMT from 3.5 MMT, mainly due to the smaller raw sugar production estimate. Domestic consumption is anticipated to increase from the prior year mainly due to a higher-than-usual rate of migration to Australia, which is driving population growth.