Fiji’s sugar export prices have experienced a remarkable increase since 2021, with the highest prices recorded in 2023, according to Charan Jeath Singh, the Minister for Sugar. In data shared in Parliament, the sugar price per tonne rose dramatically from $727 in 2020 to $1,485 in 2023, before slightly declining to $1,088 in 2024.
Explaining the causes behind these price fluctuations, Singh attributed them to global market dynamics. He noted that export sugar prices are largely dictated by worldwide supply and demand. “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 stated.
Despite the recent decline in sugar prices due to stabilized global supply conditions, Singh pointed out that the current figures still exceed those recorded during the pandemic years. He mentioned that the data specifically relates to sugar exports and does not include local and regional sales, nor revenue generated from molasses.
The Minister stressed the need to consider all sources of revenue to accurately calculate the final price received by farmers. This would involve aggregating earnings from export sugar, regional and domestic sales, and molasses sales. Singh assured that the Fiji sugar industry is actively observing global trends to maintain production stability and enhance profitability for local growers.
This encouraging perspective underscores Fiji’s commitment to effectively managing the challenges of the sugar market, aiming not only to boost returns for farmers but also to adapt strategically to evolving international conditions.