Cane sugar is trading at its highest price since 2011. Abba Usman, a trader in the Nigerian capital, said: "Pr...
Cane sugar is trading at its highest price since 2011. Abba Usman, a trader in the Nigerian capital, said: "Prices continue to rise every day and we don't know why."
Workers pack sugar at a warehouse in Islamabad, Pakistan. Photo: AFP/VNA
Soaring cane sugar prices have left Nigerian baker Ishaq Abdulraheem with little choice. The increase in the price of bread led to a drop in sales, so Abdulraheem decided to halve the product in the oven.
Sugar is needed to make bread, an essential commodity for Nigeria's 210 million people. For many people who struggle to get enough food on the table, this is an affordable source of calories. The price of sugar has risen by 55% in two months. Abdulraheem said: "The situation is very serious."
This is mainly due to reduced global supply after an unusually dry El Niño damaged crops in India and Thailand, which are the world's second- and third-largest sugar exporters, respectively
El Niño is a natural phenomenon that can cause extreme weather, ranging from drought to floods. Scientists believe that climate change is strengthening El Niño.
The sugar is sold in a supermarket in the UK. Photo: AFP/VNA
Naradhip Anantasuk, head of the Thai Sugarcane Growers Association, said the impact of El Niño at the start of the growing season had changed not only the quantity but also the quality of the sugarcane crop in the Southeast Asian country
Sugar is sold in supermarkets in Côte d'Ivoire. Photo: AFP/VNA
In addition, sugar is used to produce biofuels such as ethanol, so global sugar reserves are at their lowest level since 2009. Brazil is the world's largest sugar exporter, but its sugar harvest will only help close the gap by the end of 2024. Until then, import-dependent countries, like most countries in sub-Saharan Africa, remain vulnerable.
FAO's Palmeri said the following months were the most worrying. He said population growth and increased sugar consumption would put additional pressure on sugar reserves.
Via Cafef.vn