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Monday, 25 September 2017

Will Sugar remain Belize's number 1 export after losing preferential market status?

For the first seven months of 2017, sugar recorded the highest export earnings. Sugar accounted for one hundred and nine point one million dollars or a third of the total merchandise exports which stood at three hundred and four point seven million dollars. This is mainly due to the preferential rate that Belize has enjoyed over the years from its biggest importer, European Union (EU); however, all that is expected to change come October, when the European Union changes its sugar regime. The change will cause EU to lift the limitations that it had in place on beet sugar production. This means that Belize along with the other African, Caribbean and Pacific (ACP) countries will have to compete directly with the beet sugar industry which is a cheaper alternative to cane sugar. This morning, BSI/ASR invited industry stakeholders to celebrate a ground-breaking event to demonstrate their commitment to meeting the challenges head on. One way that they seek to meet the challenge is by doubling the factory’s production capacity of direct consumption sugar which attracts a higher price than raw sugar in the markets open to Belize. Vice President of International Relations at BSI/ASR, Mac McLachlan spoke about the initiative.

Source: llovefm.com