4 April 2023

Since the beginning of the current season in October 2022, Ukrainian sugar exports amounted to 262,000 tons.

In accordance with our previous expectations, Ukrainian sugar exports remain active. In March, Ukraine exported 48,000 tons, since the beginning of the 2023 calendar year - a total of 123,000 tons.

For comparison, in the first half of 2022, total Ukrainian sugar exports amounted to just 14,000 tons.

The monthly dynamics of Ukrainian sugar exports during the current season is shown in the following graph:

In 2022, the sugar beet harvest in Ukraine amounted to 9.1 million tons (yield - about 50 t/ha compared to last year's 47 t/ha and 41.6 t/ha in 2020), total sugar output - 1.2-1.25 million tons.

We expect that the export of sugar in the coming month will remain active, so we leave unchanged our expectations for the total volume of exports in the current season (until September 2023) - up to 400,000 tons.

In March, the average export price of Ukrainian sugar almost did not change compared to previous months and amounted to $795 per 1 ton. The export price remains quite attractive for Ukrainian manufacturers.

The largest producers and exporters of sugar in Ukraine are Astarta, Ukrprominvest-Agro and Radehiv-Sukor.

Our recent review of the Ukrainian sugar market is available here.