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Sugar

Since the beginning of Brazilian history, sugar has played an essential role in the economy, so as to become a profitable export product. Despite no longer being the flagship of Brazilian agribusiness, the product continues to occupy a prominent position in the international market. 

Fortunately, this position of sugar enhancement in the international market has not only been maintained, but has progressed, in order to bring good news to Brazilian exporters even in the midst of the pandemic.

Brazil is expected to end the 2023/24 season with record sugar production and exports, and account for about 50% of the global sweetener trade in the period, as it harvests a large sugarcane crop and directs higher volumes of the raw material for the manufacture of the product.

 The country’s sugarcane milling will grow more than expected on 23/24 to 660.6 million tonnes, up from 653.4 million seen initially, with a jump of more than 51 million tonnes compared to last season, amid favorable weather boosting yields. Sugar manufacturing from the world’s largest producer and exporter in 2023/24 was estimated at a record 42.7 million tonnes, up from 40.4 million in the initial forecast and 37 million in the previous cycle. Brazil’s sugar export in the harvest was forecast at a record 32.2 million tons, compared to 29.8 million in the initial forecast and 27.1 million last season. The previous record for shipments came in 2020 with 32 million tonnes.

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