 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
 |
|
|
 |
 |
|
|
|
|
| |
Regional News>Caribbean sugar underperforms - Strong euro props up earnings- Financial Gleaner |
 |
The Caribbean sugar crop has underperformed in the season just ended, falling well below production target, even after a new goal was set in easier reach in May.
Sugar volumes reached 519,481 tonnes in July at the close of the season, but this was more than 40,000 tonnes below the revised 560,000 tonnes that factories in the five producing nations expected to churn out.
Jamaica's share amounted to 140,872 tonnes or 30 per cent of the total. Guyana, the largest producer of the regional group, remained on top with 268,798 tonnes.
At the top of the season, the Sugar Association of the Caribbean had optimistically set 600,000 tonnes as the production target, but said in May that excessive rains forced a recalculation. The group cut its target to 560,000 tonnes.
It cited the same problem of adverse weather for the crop coming in under the revised target.
Better Weather
"We are hoping for better weather conditions in 2009," says Karl James, chairman of the SAC, in a release from the group, "as better sugar cane production will result in improved sugar production."
Exports for the season reached 470,101 tonnes, some 427,000 tonnes or 91 per cent of which was sold to Europe, which would provide earnings of approximately €212 million based on the €496.8 per tonne at least to the end of June. The rest was sold to the United States and within CARICOM.
"The strong Euro against the US currency helped to improve earnings for sugar producers who earn most of their income from exports to EU, said the SAC, a comment that would include Jamaica whose production and export figures fell by some 20,000 plus tonnes this crop year.
Jamaica's share of exports was 132,560 tonnes, all to Europe, and valued at around €65 million (around US$100 million).
Last year, the country earned US$101.2 million from the 153,053 tonnes exported.
business@gleanerjm.com