Business

Vietnam’s sugar inventory reaches record high in April

Total sugar inventory at factories and trading companies by the end of April reached a record high in the history of the local sugar industry, according to the Vietnam Sugar Cane and Sugar Association.
Vietnam’s sugar inventory reaches record high in April ảnh 1Illustrative image (Source: VNA)
Hanoi (VNA) - Total sugar inventory atfactories and trading companies by the end of April reached a record high inthe history of the local sugar industry, according to the Vietnam Sugar Caneand Sugar Association.

By the end of April, total inventory stood at717,519 tonnes of sugar, including 674,487 tonnes of sugar in factories and43,032 tonnes in trading companies.

That surpassed the record of 701,680 tonnes inApril 2014, said the association.

The inventory was highest at 235,494 tonnes inthe southeast region, followed by the centre with 221,659 tonnes, the northwith 153,806 tonnes and the Mekong Delta region with 61,168 tonnes.

Nguyen Hai, General Secretary of the association,said sugar consumption was slow. In April, the industry consumed 120,636 tonnesof sugar. Meanwhile, 17 factories produced 165,000 tonnes of sugar in themonth, higher than demand. In May, those factories expect to add 150,000 tonnesto the market supply.

In the first four months, total sugar outputreached 1,041,439 tonnes, according to the association.

The strong growth in sugar inventory was due toa reduction in demand after Tet festival while sugar exportsstruggled to compete with Thai sugar exports to China, the association said.

Additionally, smuggled sugar and fraudulentsugar entering the local market affected consumption of domestic sugar, causingthe sugar inventory to hit the record high.

Prices of smuggled and fraudulent sugar productswas 600-1,400 VND per kilo lower than domestically-produced sugar products, theassociation said.

On May 3, wholesale price of white sugar was 15,600-16,300VND (0.690-0.72 USD) per kilo in Hanoi, 15,000-15,400 VND in the centre and 15,600-16,400VND in HCM City. The price of smuggled Thai sugar was 14,000 VND per kilo inLao Bao border gate, Quang Tri Province and 15,000 VND in HCM City,reported nongnghiep.vn.

Smuggled sugar enters the local market viaborder gates in the Southwest border and border with Laos.

Also, sugar has been temporarily imported to Vietnamwith the premise of being re-exported to other countries but in fact, a volumeof sugar was imported to sell in provinces in the north with lower prices. Thisvolume of sugar has created difficulties in consuming domestic sugar, accordingto sugar factories. – VNA
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