The Agriculture and Food Authority – Sugar Directorate has unveiled the much-awaited March 2024 newsletter, offering a comprehensive review of the sugar industry's performance for the month of March 2024. Here are the key highlights from the report:
1. Local Sugar Production
- Total sugarcane milled surged to 834,883 MT in March 2024, up from 755,996 MT in the previous month.
- Sugar production followed suit, climbing to 70,055 MT from 63,541 MT in March.
- The industry's average cane to sugar ratio (TC/TS) remained steady at 11.9.
2. Sugar Sales and Stocks
- March 2024 witnessed a notable uptick in sugar production, with bagged sugar totaling 69,520 MT, marking a 10% increase from the previous month.
- Sugar sales surged to 66,372 MT, showcasing robust market demand.
- Total closing stocks of sugar across all factories expanded to 33,870 MT by the end of March 2024.
3. Molasses Production and Pricing
- Molasses production saw a significant uptick, rising by 14% to 35,391 MT in March.
- However, the average molasses price witnessed a drastic 56% decline to Ksh 8,903/tonne, down from Ksh 20,292/tonne in February 2024.
4. Price Dynamics
- The average sugar cane price rose slightly to Ksh 5,897 per tonne in March 2024.
- Ex-factory sugar prices experienced a 14% drop to Ksh 5,784 per 50 kg bag.
- Wholesale prices mirrored this trend, falling by 15% to Ksh 5,903 per 50kg bag.
- Retail sugar prices averaged Ksh 169 per kilo, indicating a decline from previous months.
5. Foreign Trade
- Sugar imports totaled 39,031 MT in March 2024, showing a decrease of 8% from the previous month.
- CIF Mombasa landed values for imported White Refined Sugar averaged Kshs 93,451/tonne, lower than Mill White/Brown sugar at Kshs 99,534/tonne.
These insights provide stakeholders with a comprehensive understanding of the recent performance of the sugar industry, highlighting production, pricing, and trade dynamics. To download this and previous summaries from the App, go to Resources -> Monthly Newsletters.