ISO cuts forecast for 2024/25 global sugar deficit
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 tonnes.
It is reported by The Business Times.
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 tonnes from 182.87 million tonnes for 2023/24.
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% below a record 181.37 million tonnes in 2023/24, the ISO said.
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