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Zambia Sugar to Reduce EU Exports

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Thursday, 29 September 2016

Zambia Sugar to Reduce EU Exports

Zambia Sugar Company is reducing its sugar exports into the European Union (EU) to the regional market in view of the sugar reforms in the bloc to be effected in September 2017. The agribusiness company will this year reduce sales to the EU from 22 percent to 14 percent as it explores Africa’s regional markets, both traditional and new markets. According to managing director, Rebecca Katowa, this follows the sugar reforms that have impacted on the sugar regime and resulted in prices in the EU converging into global prices. The prices are below the cost of production and reflect residual markets and key players, namely Brazil, Thailand and India, who put sugar on that market with India’s sugar being subsidized. ’’The strategy is to move volumes away from the EU to regional markets because the regional market provides valuable alternatives. Shifting export sales away from the EU to the region is expected because realisations in these markets will continue to be influenced by exchange rate movements,’’ she elaborated at a stakeholders’ breakfast meeting in Lusaka recently. The prices of sugar are expected to remain above world levels within the region despite increasing levels of competition among regional producers, Mrs. Katowa added.

Source: africaag.org

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