Imports of Raw Sugar Have a High Concentration of Source Countries in 2020

(1)  From January to December 2020, China has imported a total of 4.665 million tons of raw sugar, accounting for 88.12% of total sugar imports. At the same time, the import source countries of raw sugar have been reduced from 19 in 2019 to 13, and the proportion of import sources has a more concentrated tendency. Excluding the intergovernmental trade agreement that China imports 400,000 tons of raw sugar from Cuba each year, the raw sugar from Brazil has already dominated.
 
(2) The recovery of domestic sugar consumption is slow, the sales ratio has slipped and stock up. Sugar production stood at 3.53 million tons from October to December, down 6.93% YoY; 1.47 million tons was sold, down 25.66% YoY; the sales ratio was 41.62%, the industrial inventory was 2.0632 million tons, up  13.43% YoY.
 
(3) Sugar import during the month was up 32.31% MoM. The import amount was 933,800 tons, up 32.31% MoM or up 334.39% YoY. The yearly total import recorded 5.2937 million tons, up 56.08% YoY.
 
(4) Domestic sugar prices increased. In the international raw sugar prices and pre-spring festival reserve demand, sugar prices increased slightly this month.The average spot price for white granulated sugar during the month was 5,450.26 yuan.ton, up 1.29% MoM.