8 November 2023
In October 2023, Ukrainian companies exported 76,000 tons of sugar, which is the highest value for the recent years.
According to customs statistics, Ukrainian sugar exports in the first month of the new season amounted to 76,000 tons, compared to 25,000 tons in the previous month and 30,000 tons in October 2022.
Moreover, the export in October was the highest value during one calendar month in recent years (the previous highest value was recorded in May of the current year, when Ukraine exported 70,000 tons of sugar).
The main factors that led to the record result:
- High world prices for sugar
- Significant sugar stocks in Ukraine, which were formed at the end of the previous season due to the ban on the export of sugar from the country, which was in effect from June to mid-September 2023
- Relatively large expected production of sugar in the current year (the area planted under sugar beets in the current season has increased by 36% compared to the previous one, the expected total production of beets - up to 12 million tons, sugar - 1.6 million tons (1.25 million tons in 2022).
Our recent review of the Ukrainian sugar market is available here.