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Monday 18.11.2019 | Name days: Doloresa, Aleksandrs
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Latvian Traders’ Association Head: no reason to panic about sugar price gains

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RU, Henriks Danusevics

Henriks Danusevics

Although sugar price increase up to 10% is predicted in Estonia, Latvia has no grounds to panic, at least for now, the Latvian Traders’ Association Head Henriks Danusēvičs (Danusevics) is convinced.

If the Estonians forecast an increase in sugar prices, apparently, they have reason for such assumptions, but up till now Latvia has not received any signals that sugar may become more expensive. Currently, it is just the opposite – at Latvia’s shops this product is traded at stock prices, Danusevics indicates to the business news portal BNN.

He also emphasizes no signals were received from producers about possible price increase, while the sugar price at stores depends on the volume of stocks. Normally, stocks are created for the next season – in this case, until the end of summer 2011.

On the other hand, the Estonian media reports that with rising prices on the global market, as well as due to its shortage in the European Union (EU), the price of sugar could grow by 10% already in January.

Sugar supplies in the EU are record-low, and it is likely that in the nearest time problems could arise with its supply, Nordic Sugar representative reveals to the newspaper Postimees.

He also highlights that the sugar shortage in the EU can be linked to its small supplies on the global market, resulting in rapid price gains. The price of sugar at global market significantly exceeds the price level of the EU countries, making the EU market unattractive for exporters.

The main reason for the high sugar price at the global market can be explained with its smaller production volume in India during the past few years. India, which is considered to be one of the largest sugar producer and exporting countries throughout the world, was forced to import about seven million tons of sugar last year.

While the Estonian supermarket representatives indicate that wholesale price increase not always mean price raise at shops. It is a personal decision of each trader.


Leave a reply

  1. Ewq_# says:

    It’s not wise to completely deny any possible price increases. It’s only the beginning of the year.

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