Global Sugar Shortage Sends Prices Soaring and Threatens Food Security
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Extreme weather damaged sugar crops in Asia, reducing global supply and causing prices to skyrocket worldwide. This hurt food producers who rely on sugar.
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Lower sugar production is predicted for 2023-24. Reserves are at their lowest level since 2009 due to high demand for biofuels.
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Import-reliant developing nations are vulnerable, as sugar is a staple ingredient. Nigeria banned refined sugar imports to build domestic processing.
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Thailand and India, major exporters, had poor harvests. Brazil's output won't help until 2024. The next few months are of greatest concern.
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For some countries, importing expensive sugar strains foreign currency reserves needed for oil and other crucial commodities. This contributes to food insecurity.