Business & Economy

PH to meet US sugar quota needs

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Singapore -- The Philippines aims to sell more sugar to the United States in the current 2013/14 crop year under its annual rate quota program, but the devastating Typhoon Haiyan (local name: Yolanda) could determine the quantity, a senior industry official said on Tuesday.

 

“For US export, we are prepared to ship out our whole quota of 136,000 metric tonnes for crop year 13/14. But that will depend on market situation in the US,’’ Regina Bautista-Martin, chief of Sugar Regulatory Administration, told Reuters by e-mail.

“The typhoon may affect it, not so much the global prices.

We shipped 53,000 to the United States in crop year 12/13.’’

Bautista-Martin gave no further details, but she said on Monday between 50,000 tonnes and 100,000 tonnes of raw sugar may have been lost in Typhoon Haiyan, which tore a path through islands in the central Philippines on Friday and killed an estimated 10,000 people in one city alone.

The Philippines, which accounts for about 1.3 percent of global output, consumes most of its production, which has been estimated at 2.5 million tonnes for the 2013/14 crop year.

The country’s regular US quota allocation is 138,000 tonnes, but exports in the previous crop year were much below target because of ample US supplies and a drop in global prices to three-year lows, dealers said.

Even in the 2013/14 season, stocks in the United States are estimated to hit a fresh 40-year high as output offsets slower imports from Mexico, reinforcing fears about the domestic excess that has hurt prices. Manila Bulletin

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