Significant Decrease in U.S. Sugar Cane Price to $663 per Ton
U.S. Sugar Cane Import Price in August 2023
In August 2023, the sugar cane price stood at $663 per ton (CIF, US), reducing by -19.4% against the previous month. Overall, the import price continues to indicate a perceptible slump. The pace of growth appeared the most rapid in December 2022 when the average import price increased by 119% m-o-m. As a result, import price attained the peak level of $1,365 per ton. From January 2023 to August 2023, the average import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In August 2023, the country with the highest price was Mexico ($2,173 per ton), while the price for Vietnam totaled $702 per ton.
From August 2022 to August 2023, the most notable rate of growth in terms of prices was attained by Mexico (+16.8%), while the prices for the other major suppliers experienced a decline.
U.S. Sugar Cane Imports
For the third month in a row, the United States recorded growth in purchases abroad of sugar cane, which increased by 25% to 615 tons in August 2023. Over the period under review, imports showed a prominent increase. The growth pace was the most rapid in September 2022 with an increase of 323% month-to-month.
In value terms, sugar cane imports totaled $408K (IndexBox estimates) in August 2023. In general, imports continue to indicate buoyant growth. The most prominent rate of growth was recorded in March 2023 when imports increased by 347% m-o-m.
U.S. Sugar Cane Imports by Country
In August 2023, Vietnam (381 tons) constituted the largest supplier of sugar cane to the United States, accounting for a 62% share of total imports. Moreover, sugar cane imports from Vietnam exceeded the figures recorded by the second-largest supplier, Brazil (131 tons), threefold. The third position in this ranking was held by Thailand (84 tons), with a 14% share.
From August 2022 to August 2023, the average monthly growth rate of volume from Vietnam amounted to +12.3%. The remaining supplying countries recorded the following average monthly rates of imports growth: Brazil (+34.6% per month) and Thailand (+18.5% per month).
In value terms, Vietnam ($268K) constituted the largest supplier of sugar cane to the United States, comprising 66% of total imports. The second position in the ranking was taken by Brazil ($106K), with a 26% share of total imports. It was followed by Thailand, with a 4.7% share.
From August 2022 to August 2023, the average monthly rate of growth in terms of value from Vietnam totaled +11.5%. The remaining supplying countries recorded the following average monthly rates of imports growth: Brazil (+38.7% per month) and Thailand (-2.8% per month).
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