ISO forecasts wider global sugar deficit in MY 2024/25

The ISO fundamental view on global sugar demand and supply projects a wider global deficit of 4.881 million tonnes, up from the 2.513 million tonnes forecast in November. A global deficit of this magnitude has not been seen for 9 years.

This was reported by chinimandi.

In MY 2024/25, global sugar production has been revised up to 175.540 million tonnes, 5.844 million tonnes less than last season. The drivers are lower overall production after October 2024 in the main producing regions of the Southern Hemisphere, lower-than-expected production in India and Pakistan and lower overall cane production in Thailand.

Global consumption is forecast to reach a record 180.421 million tonnes in 2024/25, although this forecast is 1.161 million tonnes lower than the November estimate, leaving global sugar consumption just 0.449 million tonnes above last season’s total.

According to ISO, changes in trade dynamics are key market drivers. Estimated sugar imports and exports in 2024/25 are expected to fall to 63.324 million tonnes of imports, 5.795 million tonnes less than last season, and to 62.661 million tonnes of exports, 6.974 million tonnes less than last season. The trade deficit of 0.663 million tonnes is significantly smaller than this season’s sugar production/consumption deficit, indicating a significant drawdown in stocks.

Tags: sugar