Brazil’s sugar exports reached a new annual record by October, surpassing 2023 levels, according to data from the Foreign Trade Secretariat (Secex). This increase comes amid a tightened global sugar market, as India, the world’s second-largest producer after Brazil, has imposed export restrictions that have heightened demand for Brazilian sugar.
Consultancy Argus reports that India’s export bans have shifted significant global demand to Brazilian mills. Indonesia has now become the leading destination for Brazilian sugar, overtaking China, while Egypt and the United Arab Emirates have also ramped up their imports, according to Brazilian government data up to September.
While comprehensive export figures for October are forthcoming, preliminary data from Secex through the fourth week indicates that Brazil exported a total of 31.7 million tonnes. This volume already exceeds the entire export total of 31.3 million tonnes recorded in 2023.
As of the fourth week of October, exports amounted to 3.29 million tonnes, with additional volumes expected once the figures for the fifth week are included. This contributes to the 28.4 million tonnes Brazil shipped from January through September.
Brazil’s strong export performance has been bolstered by ample stockpiles from last season’s record harvest, allowing for high volumes in early 2024. According to Brazil’s National Supply Company (Conab), this surge in exports has coincided with a smaller sugarcane crop this year compared to the previous record-setting season.
“The increase in Brazilian sugar exports in 2024 was driven by India’s export restrictions,” Argus stated in comments to Reuters. India, the world’s largest sugar consumer and second-largest producer, imposed these restrictions following weather-related crop losses.
“With India out of the export market, Brazil filled the gap, increasing shipments to both India and other markets that previously depended on Indian sugar,” Argus concluded.
From January to September, Brazil exported 2.2 million tonnes of sugar to India, representing a 72% year-over-year increase, according to data from Argus and the Brazilian government.