The latest shift to a surplus (in 2023/24) was driven by lower consumption estimates
THE International Sugar Organization (ISO) on Wednesday (Nov 20) cut its forecast for an expected global sugar deficit in the 2024/25 season to 2.51 million tonnes, down from a previous projection of 3.58 million.
The inter-governmental body, in a quarterly update, also estimated there was a global surplus of 1.31 million tonnes in the 2023/24 season (October/September) compared with a deficit of 200,000 tonnes seen previously.
“This latest shift to a surplus (in 2023/24) was driven by lower consumption estimates,” the ISO said, also cutting its consumption forecast for 2024/25.
Global consumption in 2024/25 was revised down to 181.58 million from 182.87 million and for 2023/24 to 180.05 million from 181.46 million.
“Many of these consumption changes are driven by member feedback to our sugar questionnaire which forms the basis of the ISO Sugar Yearbook,” the report said.
Global sugar production in 2024/25 was forecast to total 179.07 million tonnes, down marginally from a prior projection of 179.29 million tonnes and 1.3 per cent below a record 181.37 million in 2023/24, the ISO said. REUTERS
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