South Africa: Sugar Semi-annual
Link to report:
Post forecasts South African raw sugar production at 2.17 million MT in MY 2023/24, up 9 percent from 2 million MT in MY 2022/23, based on an increase in the quantity of cane delivered to the mills and consistent milling efficiencies. In October 2022 Tongaat Hulett entered into business rescue, followed by Gledhow in March 2023; however, Post contacts confirm that both mills will be able to crush cane in MY 2023/24. South African sugar exports for MY 2023/24 are revised upwards to 770,000 MT, mainly due to the stronger world sugar price. Consequently, on August 4, 2023, the South African Revenue Service, reduced the import customs duty of 196.28 c/kg to zero. Therefore, all imports of sugar below the DBRP into South Africa will not attract a duty. However, Post expects that the industry will still be protected as the price of sugar remains above $680/ton.
