Brazilian sugar exports increased by 50% in the first half of 2024, reaching 15.15 million tons, according to data released this Friday by maritime agency Cargonave. Indonesia emerged as the leading destination for Brazilian sugar.

Leading Exporters and Destinations

Main Charterers of Bulk Sugar from Brazil:

• Wilmar International: 16% of total exports
• Alvean: 15%
• Sucden: 14%

Top Destinations for Brazilian Raw Sugar:

• Indonesia: 12%
• India: 9%
• United Arab Emirates: 8%

Additional Notes:

• Despite being the world's second-largest sugar producer, India imports Brazilian sugar for re-export as a refined product.
• China: Normally the biggest importer, ranked 11th with just 588,000 tons in the first half of the year.

Factors Contributing to Increased Exports

Although Brazil is expected to produce less sugar in 2024 than in 2023, large stocks from last year kept shipments strong in the first few months of this year. Another factor was the rapid start of sugarcane harvesting and processing of the new crop due to drier than normal weather.

Production and Sales Forecast by Raízen

Raízen (RAIZ4), the largest sugar-producing company, estimates equivalent sugar production between 3.6 million and 3.8 million tons for the 1st quarter of the 2024/25 harvest, up from 3.179 million tons in the same period of the previous cycle.

Raízen also forecasts sugar sales at 2.42 million tons in the 1st quarter of the 2024/25 harvest, compared to 1.92 million tons in the same period of the 2023/24 harvest. Ethanol sales are estimated at 1.274 billion liters for the same period, versus 1.074 billion liters a year earlier.