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2 PLUMBING AN OCEAN AUSTRALIA has emerged as the world’s largest exporter of sugar, with a record amount of supply.
But the Australian Sugar Association (ASA) has warned that there is still a long way to go before sugar prices are back to where they were in 2010, when prices peaked.
It has been revealed that Australia exported just $9 million worth of sugar last year, with the majority of that being imported from the United States.
The report, released on Wednesday by the Association’s Sugar Industry Group, also says Australia needs to get its sugar to market faster to compete with imports.
“While sugar has been a relatively low priority for Australian industry over the past three years, the industry needs to accelerate its efforts to get to the point where it is a significant part of the overall global sugar market,” the report says.
According to the latest data from the Australian Competition and Consumer Commission, Australia’s sugar supply is now almost a third of its peak in 2008, with Australia importing nearly $12 billion worth of refined sugar last summer.
In 2009, Australia exported $6.8 billion worth, but imports of refined sugars increased by $1.9 billion to $15.9bn.
But Australia is far behind China, India and Brazil in terms of exporting refined sugar.
“There is still plenty of work to do in terms on our supply, but we are very confident in our ability to compete.” “
However, the report points out that there has been an increasing number of supply disruptions in recent years. “
There is still plenty of work to do in terms on our supply, but we are very confident in our ability to compete.”
However, the report points out that there has been an increasing number of supply disruptions in recent years.
More than 60,000 tonnes of sugar were lost in the Northern Territory alone between January and June, with an estimated $500 million worth lost in that period.
However the biggest disruption to Australia’s refined sugar supply occurred in the United Kingdom, with two major supply disruptions during the same period.
In March, a major shipment of the British sugar plant in Exmouth, Gloucestershire, was cancelled.
At the time, it was announced that the plant would be closed indefinitely.
And in June, a similar plant was closed in the Netherlands, and was reopened in August.
Meanwhile, there were disruptions in India and China, with major disruptions in the UK and Japan.
There are also signs that China is entering a period of supply disruption, with China’s export figures falling last month to the lowest level in 10 years.