Sugar Prices Fall due to Corona Virus
The coronavirus has also impacted Chinese exports. For the first time in the past five years, the world economy has experienced a fall in sugar prices. Most countries are implementing trade barriers, with thousands of tonnes of sugar lying in separate ports, which have a significant effect on exports.
This year, as the quantity of sugar on the foreign market declined, the demand for Indian sugar increased, with the signing of a deal for 38 lakh tonnes of sugar. Because of this, 2.2 million tonnes of sugar has been shipped. The estimated 1.6 million tonnes of sugar has been stuck due to the restriction. As coronavirus spread across the world, many countries closed international borders. When trade between countries has halted, it has become difficult for sugar to reach globally. Sugar prices have dropped due to the number of tonnes lying in the country.
Source: Agrowon, 14 March 2020
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