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Sugar imports showed signs of unusual development as shipments from ASEAN countries with similar or lower levels than Vietnam soared in the first quarter of 2022 (from 187,251 tons to 391,468 tons, or a growth of 109%, according to data from the General Department of Vietnam Customs. The Vietnam Sugar and Sugarcane Association said this did not result from competitiveness but from the benefits of ASEAN Trade in Goods Agreement (ATIGA) with a preferential duty of 5%.
The sharp increase in imported sugar coupled with fraudulent trade across the Southwest border flooded the market due to ineffective management measures and resumed sugar production and weak demand in the wake of the post-COVID-19 recovery resulting in oversupply, pulling the market price of sugar below production cost and causing growing inventories.
According to a report released by the Vietnam Sugar and Sugarcane Association, cheaper sugar smuggled and sugar imported from ASEAN countries overwhelmingly flooded the market in the second half of April 2022. The output deadlock is seriously threatening sugarcane supply chains and price hikes of agricultural inputs are challenging ?? Vietnam’s sugar industry .
Make Money in Forex & Other Investments - Learn How to Make Fast Money by Learning diffrent Strategies in Forex Trading and Diff
Megeve Guide - AdmaTravel