Tight sugar supplies in the UK

NFU Sugar

Friday, August 11, 2023

Sugar supplies available in the UK look well below normal levels. Reported prices in both the UK and EU remain very high. No raw sugar for refining has been imported yet in 2022/23 from any ACP/LDC origins with duty-free and tariff-free access according to HMRC data, suggesting a complete displacement of these traditional suppliers with world market raw sugar following the UK Government’s changes to trade policy in recent years. Average prices of white sugar imported into the UK have increased in line with reported EU average prices, which is likely to be reflective of white sugar prices sold in the UK. However, the average value of raw sugar imports has risen by far less (see figure 2), even accounting for CXL duties (c.£82/t) being paid on a proportion of this, implying a substantially larger than usual refining margin being made on the raw sugar that is being imported.

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