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Malawi to benefit from sugar prices

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Tuesday, 08 September 2009

Malawi to benefit from sugar prices

Illovo Sugar Malawi Limited says although the country does not export its sugar to the open overseas markets, the company would benefit from the current soaring of sugar prices on the international market through its exports to the Common Market for Eastern and Southern Africa (Comesa).Illovo Sugar Malawi’s spokesperson, Ireen Phalula, said the company’s sugar exports to Europe are based on fixed prices and as such may not directly benefit from the price rise. She, however, said she was optimistic Malawi would reap from regional exports under Comesa where market prices are driven by supply and demand. Malawi exports an average of 50,000 tons of sugar to Europe and another 50,000 tons to the regional markets out of a total of 300,000 of sugar it produces in the country annually. Illovo produces 300,000 tons of sugar every year of which 200,000 tons is sold to local industrial and consumer markets while the rest is for export to EU , USA , Southern and Eastern parts of Africa and other world markets.

Source: Dailytimes