Fiji’s Minister for Sugar, Charan Jeath Singh, has reported a significant rise in the country’s sugar export prices since 2021, with a peak in 2023 before a slight adjustment this year. According to data presented in Parliament, the price per tonne of sugar surged from $727 in 2020 to $1,485 in 2023, before moderating to $1,088 in 2024.
Singh attributed these fluctuations to the dynamics of the global market, explaining how export sugar prices are primarily influenced by the balance of supply and demand worldwide. “Prices were stable in 2020–2021, increased sharply in 2022, and peaked in 2023 due to lower global sugar production, increased ethanol production, and stronger international demand,” he highlighted.
The Minister also noted that despite the decrease in prices this year as global supply conditions have stabilized, the current prices remain above the levels witnessed during the pandemic years. He clarified that these figures pertain solely to sugar exports, excluding local and regional sales, as well as revenue from molasses.
Singh emphasized the importance of considering all revenue sources, stating that to accurately determine the final price paid to farmers, it is necessary to combine earnings from export sugar, regional and domestic sales, along with molasses sales. He assured that the sugar industry is closely monitoring global trends to ensure production stability and enhance profitability for growers.
This positive outlook reflects Fiji’s efforts to navigate the complexities of the sugar market, aiming to bolster returns for its farmers while adapting to changing global conditions.